Wrong information on Mortgage offer

zeeww_2

hi,

my full mortgage offer was out today, but the information regarding the house sale price was wrong, and also the mortgage value required was also wrong... this is possibly due to the incompetency of my mortgage broker
so it looked like this, i am buying a house for 160k, and needed 130k mortgage as i have 30k as deposit... i told the mortgage broker about this and i got a KFI and AIP..
then a few days later, before submitting the mortgage application, i went to haggle the price with the vendor and managed to agree a new price of 150k, and i only needed 120k mortgage now, and my mortgage broker said OK. he sent me a new KFI of 120k and went on the next day to submit full application.

now the full mortgage offer has been approved, but the details on it stated purchase price is 160k, and mortgage approved for 130k... i will be calling my mortgage broker to tell them about this anyway, to ask them to amend it to 120k

my question is, how easy is it amend from 130k to 120k mortgage, as i dont want to wait for the full application + underwriting process again!! (2 weeks!) i assume it's not a problem and i need less rather than more, but please feel free to comment..
thanks!

minimike2

This shouldnt be a problem and a revised mortgage offer should not take too long - if the figures were going up then it could be a different story, but going down isnt really an issue.

It could be the broker at fault but it could also be the lender....I guess you will never really know unless one or the other admits to the mistake.

That said, its not a big deal amending the offer. The question the lender might ask is "Is the property knowingly being sold under the market value" - but again with the deposit you have to put down it should not concern the lender a great deal - plus what is the "market value" of a property - what someone is willing to pay for it surely?

I wouldnt lose any sleep over this.

homer_j_3

If its got to mortgage offer, it should just be a case of adviser calling the lender or faxing a letter confirming the amendments required.

Who is the lender?

zeeww_2

thanks homer_j
it's with the Halifax. i think it's the mortgage broker at fault (i think) because the lender never knew the first agreed selling price of 160k, because he submitted my full application after i informed him on the final agreed selling price of 150k...

on whether the property is knowingly being sold at under the market value, i dont think so as all the properties along that street is going for more or less 160k mark, but i went to haggle down the price again because of the market situation, which the vendor agreed finally... the valuation came back with 160k anyway,....

so i dont this will be a problem to amend?