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Mortgage offer wrong
Pamtastic
Posts: 1 Newbie
Hi, just looking for advice - received my mortgage offer in the post today , however solicitor called us to tell us purchase price was wrong and need to get this amended or they won’t release funds!! Stressing out big time as we are due to move in 3 weeks time!
Valuation was £155000 but only looking for a mortgage of £139500 which has been agreed , however as we had to bid over to get the house .We offered £165000 as we are paying the extra £100000 in cash so it doesn’t change how much they are lending us! Is this a simple amendment or do we need to go through whole application again ? Been in touch with broker but still waiting to hear back .
Any help much appreciated
Valuation was £155000 but only looking for a mortgage of £139500 which has been agreed , however as we had to bid over to get the house .We offered £165000 as we are paying the extra £100000 in cash so it doesn’t change how much they are lending us! Is this a simple amendment or do we need to go through whole application again ? Been in touch with broker but still waiting to hear back .
Any help much appreciated
0
Comments
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If the purchase price was wrong, the valuation may have been wrong too. In which case it will have to be referred back to the surveyor to be amended before an amended offer can be issued.
The purchase price on the contract and the purchase price on the mortgage application and offer have to match.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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How can you be due to move in 3 weeks when you've not exchanged or got close it?0
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