TSB mortgage offer

PSJ2020

Hi All,
We are in the process of buying a new build and as per builder's recommendation used a mortgage adviser in London for our mortgage. We applied for a TSB mortgage and after 5/6 weeks we got an offer letter for the required amount directly from the bank. The house we are buying is £470k and the mortgage we applied is for £335k with the rest coming from help to buy and deposit. TSB valuation has come in at £450k and the offer letter says they are willing to lend. Although it mentions the valuation price, it doesn’t say clearly whether the mortgage offer is only valid if the purchase price is £450k.

Our solicitor also got a copy of the mortgage offer and they sent me the deed to sign.

But later that week our mortgage advisor informed us that the offer is not valid because the purchase price and the TSB valuation must match in the documents.

Since we are borrowing way less than the valuation, I do not quite understand why the offer is invalid. Unfortunately, we can’t talk to TSB since we went through a mortgage advisor.

Any clarification regarding the above would be much appreciated.

PSJ