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Last minute price negotiation and mortgage offer
milkyj0
Posts: 22 Forumite
Hello, a last minute issue has come up with my house that means I’ve (begrudgingly) agreed to lower the price by 1k. I had said to the EA that in the interest of proceeding ASAP I’d rather it not go through the lender and pay cash. My EA has said the buyers lender will need to be informed and the mortgage offer adjusted. He said the amendment will take a week tops.
Does any one have experience of this? Will it take long and will they have to go through any sort of affordability checks again. The reason I stress is it’s taken an absolute age to get this close to exchange and I seem to have encountered every hold up possible. I don’t think I could take any other complication. Thanks in advance!
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Comments
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Recently negotiated a lower price myself.
Reported it to lender on Thursday evening. Offer came through the Wednesday after.1 -
Thanks Nile, the way processes seemed to have prolonged during covid I was expecting the worst!0
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Yeah it wont affect the affordability at all maybe their LTV but at a grand doubtful. I had a £3k reduction and new offer in a week which is really just admin time.1
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@Nile_E_Coyote and @Irishpearce26
Did the lender change the interest rate in the mortgage offer? I'm in the same situation with Halifax and I wouldn't want to lose my current interest rate.0 -
Why would anyone want to get a reduction for just 1k?0
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Does seem a drama not worth having in my opinion. If it meant a few weeks delay while redoing mortgage offers etc, I would just leave it but each to their own.HotPantsCruiser said:Why would anyone want to get a reduction for just 1k?
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