KFI and Offer of Loan different

NurembergVillan

Hi all. Long time lurker but my first post here.

We've been through the process of applying for a mortgage and got our offer of loan a week or so ago, just before going on holiday. Got back last night are opening the post today - our offer letter was finally here!

On reading it, though, the monthly repayments were astronomical. We double checked and the repayment term states 17 years, even though the KFI stated 28 years and the application was based around that.

The mortgage is with NatWest, and we're running it all through a broker. I've notified him, but it's a Sunday and naturally I'm now flapping because we can't afford the 17 year repayment terms.

We've been given no notification of a change in term, it's just there in the offer.

Essentially, I'm here hoping for some confidence boosting words in that it's likely a fat-fingered typo at NatWest's end, and not that they've changed how they're willing to lend and casually slipped it in there.

I'll find out in due course, but I'm relatively new to all this and don't want to spend Sunday moping about!

AnotherJoe

Its a fat fingered typo.

bengalknights

17 Years is definitely a strange terms which would suggest a typo.

enthusiasticsaver

How old are you?

ACG

As above - how old are you? If you are 40ish or under, it will be a straight forward change.

NurembergVillan

Thanks for the quick replies folks. Much obliged.

I'm just 39 and my wife is just 40. The KFI took us up to 67 and 68 respectively.

My broker kindly called me not long ago to say he thought it was an error as, if anything, they'd want us on a longer term for maximum affordability (and maximum profits).

Thanks again for being as helpful as you've been to other members in the threads I've been following :beer:

ACG

It is good that your broker has come back to you on a Sunday, but this should have all been sorted. We check mortgage offers, your broker has had a week to check it and correct it. This should/could have all been resolved before you even looking at the offer.

But I suppose the main thing is that you will be fine.

NurembergVillan

I had wondered about his role in it and how it'd come to me with something like that.

It's such an emotive process that it's easy for a buyer - particularly a new one like myself - to be overwhelmed by what's happening, how and why.

CarrieVS

Off-by-one keyboard error.