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Mortgage Quandry
TwistedPsycho
Posts: 971 Forumite
Good Afternoon Collective,
Although obviously this is is a question for my mortgage company and solicitor as it is the weekend I was wondering if someone here might have an explanation first....
Our mortgage will be with Santander and we have a 5% deposit. All of the mortgage offers, including after their "survey" valuation said the same and the offer of advance is exactly 95% of the purchase price.
We have since received our Statement of Account from the solicitor prior to completion and it states we have received less (approximately 94.5%) than the amount which has been agreed.
Now, it is not a "job-stopper" as I am sure we can find the additional funds; it just makes no sense that the figures are different.
Of course, it could simply be a monumental typo from the solicitor, but the figures are completely different (ie a rounded number has become a now here near rounded figure) so I am skeptical.
Although obviously this is is a question for my mortgage company and solicitor as it is the weekend I was wondering if someone here might have an explanation first....
Our mortgage will be with Santander and we have a 5% deposit. All of the mortgage offers, including after their "survey" valuation said the same and the offer of advance is exactly 95% of the purchase price.
We have since received our Statement of Account from the solicitor prior to completion and it states we have received less (approximately 94.5%) than the amount which has been agreed.
Now, it is not a "job-stopper" as I am sure we can find the additional funds; it just makes no sense that the figures are different.
Of course, it could simply be a monumental typo from the solicitor, but the figures are completely different (ie a rounded number has become a now here near rounded figure) so I am skeptical.
Signaller, author, father, carer.
0
Comments
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Telegraphic transfer, product and/or mortgage account fee being deducted from the advance?
What does your offer say?
See section 8 of KFI/Offer...I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
Probably fees being deducted from the mortgage advance before they reach your solicitor - those should be mentioned in your mortgage offer. How much is the difference?0
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Hi Kingstreet, Davidmcm;
The difference between the what we were offered and what we got is £1,785
The total of the costs and fees in the mortgage offer document is £594.15
Admittedly I did not think about them taking their fees off of the amount of advance, but that still makes it short.Signaller, author, father, carer.0 -
You're going to have to ask the solicitor to clarify the completion statement to you.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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