House Sale - Mortgage offer error

WoodyWoodpecker

Currently in the process of selling my property and all parties are hoping to complete by Christmas. Solicitors have drawn up agreeable contracts which I have signed and buyer is happy with but the mortgage offer they have is slightly incorrect hence them having to take it back to the lender for it to be corrected.

Anyone have any idea how long this is likely to take............its a simple issue of the offer states mortgage over 24 years 11 months on paperwork instead of 25 years.

Would be good if this could be concluded before christmas so we can all have a good one.

pjread

I'm amazed they even want to question that, the effect on payments going over 299 months not 300 must be very minimal and as you say it might impact the timeline.

Might even find it's just the way the lender phrases it (e.g. 1 payment of £x for the initial broken interest then the other 299 payments of £y over 24yrs 11m...)

WoodyWoodpecker

Thanks for the reply........as its the first time I am selling a property I just needed reassurance that this wasn't a big issue.

Its just a little frustrating as both myself and the buyer want to have the transaction done before the Christmas break so any hold up could scupper this.

Contract is in place so all we need is this sorting and its all systems go.

Just wondered if it was the buyers solicitor being extremely picky and maybe charging them for the work the supposedly needs doing. Hopefully bank will clear this up asap :xmassmile

silvercar

Maybe their age forces this restriction.

WoodyWoodpecker

Possibly as I know when I took mine out they would only consider the term to retirement age.

I have spoken to my bank mortgage section and the estate agent and they seem to think its a pretty straightforward process of the term just being amended on the document and resent to the buyer with it only being 1 month difference in the term.

Heres hoping