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Help- error on mortgage due to move in a week
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Plummar
Posts: 1 Newbie
Hi,
I am in Scotland and am in the process of trying to complete missives. We have had our mortgage offers for a while and our solicitor highlighted the face that the purchase price was incorrect- the Home report value had been put in instead of the price we paid, which is significantly more.
The bank have now come back with more questions about this, when our solicitors has thought it was an easy fix. It does not effect what we need to be leant at all, we will be covering the extra through equity and savings. So the loan amount is the same, there’s just more equity.
We are supposed to move in a week. We are extremely stressed and annoyed as the solicitor has been slow and had not chased this issue sooner- it could have been done 5 weeks ago which is when they discovered it.
Will this be easily rectified or would we need a new mortgage offer? If so, o think we would lose the house.
Many thanks for any advice.
I am in Scotland and am in the process of trying to complete missives. We have had our mortgage offers for a while and our solicitor highlighted the face that the purchase price was incorrect- the Home report value had been put in instead of the price we paid, which is significantly more.
The bank have now come back with more questions about this, when our solicitors has thought it was an easy fix. It does not effect what we need to be leant at all, we will be covering the extra through equity and savings. So the loan amount is the same, there’s just more equity.
We are supposed to move in a week. We are extremely stressed and annoyed as the solicitor has been slow and had not chased this issue sooner- it could have been done 5 weeks ago which is when they discovered it.
Will this be easily rectified or would we need a new mortgage offer? If so, o think we would lose the house.
Many thanks for any advice.
0
Comments
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Surely the report value is correct for the banks purposes and any additional you pay is nothing to do with your mortgage and does not count as part of the LTV. That is the bank do not care what you pay only what the report says it is worth.0
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