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Quick advice please!!!
InhaleMood
Posts: 308 Forumite
Hi all,
The saga with buying a house continues!
I was hoping to exchange today, just needed the mortgage offer from Santander to be sent to my solicitor.
Firstly, I was told that this was sent yesterday at 3pm and would take up to 3 hours.
This finally arrived at around 3.30pm today, which is annoying in itself, but my solicitor also tells me it is wrong.
Can anyone tell me, if a house is down valued by the lender, what figure should be put on the mortgage offer? The amount I am paying or the amount they are lending me?!
The saga with buying a house continues!
I was hoping to exchange today, just needed the mortgage offer from Santander to be sent to my solicitor.
Firstly, I was told that this was sent yesterday at 3pm and would take up to 3 hours.
This finally arrived at around 3.30pm today, which is annoying in itself, but my solicitor also tells me it is wrong.
Can anyone tell me, if a house is down valued by the lender, what figure should be put on the mortgage offer? The amount I am paying or the amount they are lending me?!
0
Comments
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Depends on whether of those two values which is the higher.0
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the mortgage offer should clearly state both. It'll state the purchase price of the property, how much the loan is for, and (hence) the LTV.
I don't believe the house valuation (i.e. the valuation done by the lender) is put anywhere on the offer - they just want to know whether the house is worth what you're paying for it so they could sell it to reclaim the mortgage if you couldn't pay.0 -
Thanks both
What a palaver!!! 0
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