Incorrect amount on Mortgage Terms

MysteriousMoon

I’m buying a shared ownership with my husband and when initially we got accepted for the mortgage it was under the conditions that I had £1250 on my PayPal account and that I was going to pay off £250, however looking on my mortgage contract that I already signed it says it was an outstanding PayPal balance of £250 when I specifically told him a million times £1250. I’m a little upset now. I don’t even know what to do. The mortgage offer was accepted full well with him knowing I said £1250 so why has this been changed on the mortgage acceptance.

AmyShepherd

It won’t be incorrect. They’ll be referring to the £250 you agreed to pay off.

kingstreet

In many cases, you would have to enter a Paypal balance of £1,000 and note it isn't to be repaid and another Paypal balance of £250 which is to be repaid.

Don't assume a lender's system gives us the freedom to enter a balance of £1,250 with £250 to be repaid.

In your case, simply entering the £250 and not mentioning the £1,000 gives exactly the same end result as my example above as th lender will find the balance on the credit search.

Give us a little credit for knowing what we need to do to satisfy a myriad lenders' different system foibles.

[Deleted User]

Sounds like a square peg round hole with getting the numbers to fit.

Some lenders allow you to state the balance of a card and then how much will be repaid.
Some state the balance then a yes/no on if it will be repaid (no option for part payment)

Doesnt seem like anything to worry about though.