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Mortgage Offer Amount Lower than Expected
sara_grrr
Posts: 9 Forumite
Hi
We've been made a mortgage offer by the principality that is roughly £6k lower than required.
Our mortgage broker has advised us it is unlikely we will get another offer.
I don't think we know anyone who would be able to loan us the additional amount.
Is there anyway we can raise the additional amount without affecting the offer?
The only other consideration I can think of is explaining to the vendor that our offer is £6k short (the offer price being £131k) and hoping for the best.
The valuation came up for the offer price too
We've been made a mortgage offer by the principality that is roughly £6k lower than required.
Our mortgage broker has advised us it is unlikely we will get another offer.
I don't think we know anyone who would be able to loan us the additional amount.
Is there anyway we can raise the additional amount without affecting the offer?
The only other consideration I can think of is explaining to the vendor that our offer is £6k short (the offer price being £131k) and hoping for the best.
The valuation came up for the offer price too
0
Comments
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What's the reason for the shortfall?0
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They wouldn't give one so I don't know. All I can assume is affordability but the initial agreement in principle was for £160k0
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Is the mortgage offer is 6k below the agreement in principle?
Try different lender may be?0 -
Did the mortgage valuation come back at the purchase price?Changing the world, one sarcastic comment at a time.0
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Hi
The AIP was for £160k and the valuation came up fine so far as I know - we still haven't received the offer in writing.
we're trying to see if reducing our credit cards by £3k will help...0 -
Your broker knows the case and is best placed to assist.
Suggestions on this forum are made without the background details and are likely to be inappropriate.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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.0
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