Mortgage Offer and Price Drops

nekr0mantik

Hello

So property I was purchasing was down valued by lender and so the vendor agreed to lower the price but still keep it 2k above valuation. I agreed to extra cash to top it up.

Do I need to re do my mortgage now? Its been 3 months since I got offer but solicitor only just told me before exchange that my offer states higher purchase price but I seen no purchase price on the offer only the value of the property based on valuation and the mortgage amount. Just worried bank may cancel my current one and I will get higher interest rate as no 2.08% for 5 years no longer exists?

GentleGiant01

Your mortgage lender will need to re-issue a revised offer I believe for the correct purchase price. Speak to your broker who should be able to advise and sort / let you know if you need a new application.

do not exchange under any circumstances until you have your mortgage offer revised to avoid any issues should the application need to go in again 

nekr0mantik

yeah I did tell the broker the new purchase price in February and he said he had let lender know new purchase price.

hopefully its just mix up of offers sent to solicitor.