Wrong purchase price on mortgage offer!

scottmonkey1990

I recently got my Mortgage offer through the purchase price is wrong. We are buying a home at £112,500 and on the offer if states £110,000, this is what the home is valued at and we are adding the extra £2500 ourselves. The solicitor won’t accept the offer and says it needs amended, and will call bank for us. Is this something to worry about or is it an easy fix. Many thanks

ChloeManoey

I think that is correct, the mortgage offer will have the value of the property at whatever the bank has valued it at. Not sure why your solicitor thinks it's wrong? 

scottmonkey1990

I think it’s because the purchase price says different, tried to call Nationwide today however I can only deal with my Mortgage specialist on the matter and she isn’t back until Tuesday

bucksbloke

They should have left the purchase price the same and decrease the amount that says Amount of Loan (This is from an original Nationwide offer). 

mcdonaldcharlene4

Hi I was just wondering what happened with this? The same thing has just happened to us and we are concerned the whole thing may be reassessed we informed them of the purchase price and have proof but they have put the purchase price at home report value which is incorrect. 😕

theartfullodger

No problem then, just provide the extra £2,500 that you think it's worth.

JC2068

The purchase price should accurately reflect just that - how much you are purchasing the property for. The amount you are purchasing for is not always going to be the value of the property. This is not an uncommon discrepancy and is easily resolved. Usually a new offer is sent out. 

Flemington94

Has there been any update on how long this took to amend? Same thing happened to me

scottishsavingsgirl

This has just happened to us with Nationwide. Solicitor says today the offer has to show the actual purchase price, not the valuation.

Has this happened to anyone else and if so, did this get sorted quickly?

letom

This thread is quite old so probably better to create a new one. In a nutshell the purchase price has to be the purchase price, not the valuation. A solicitor will need to have this changed as they have a document from their other client, the lender, that is incorrect. How difficult this is depends on lender but generally if it's just an error this should be an easy fix. However, again depending on the lender, they may rerun you through their credit check process which in theory means you could fail and they withdraw their offer. Best to speak to your broker who should be able to get this sorted out, 99% chance they fix it and send a new offer within a couple days. 

EssexHebridean

It’s usually just an error at the mortgage lender’s end - I’d be very surprised if your solicitor doesn’t get it sorted out very quickly.