We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
We're aware that some users are currently experiencing errors on the Forum. Our tech team is working to resolve the issue. Thanks for your patience.
House price change after mortgage has been offered
bounce123
Posts: 1 Newbie
Just wondering if anyone has had any experience or has any knowledge in this sort of thing.
Background.
We put in an offer on a house, it was accepted and we started the ball rolling, solicitors are busy working we HAVE received our mortgage deed to sign.
On the second viewing we contacted the sellers about getting some work done on the house that we would like doing. This is nothing that would have any effect on a valuation survey, just something cosmetic.
The vendor has agreed to lower the selling price by £1700, the house is valued at £122,000
Will our lenders just amend the mortgage deed, or will we end up starting again from the beginning??
Thanks
Background.
We put in an offer on a house, it was accepted and we started the ball rolling, solicitors are busy working we HAVE received our mortgage deed to sign.
On the second viewing we contacted the sellers about getting some work done on the house that we would like doing. This is nothing that would have any effect on a valuation survey, just something cosmetic.
The vendor has agreed to lower the selling price by £1700, the house is valued at £122,000
Will our lenders just amend the mortgage deed, or will we end up starting again from the beginning??
Thanks
0
Comments
-
our buyers did this - no problems the lender will just amend price and send out new docs via solicitor -0
-
As long as you're not near the loan to value limit the lender should be able to amend the mortgage easily. Alternatively you could let the sale go through at the agreed price, but with the vendor giving you £1700 cash back on completion.0
-
Cash back route is probably easier if you can trust vendor. if purchase price is dropped the mortgage offer has to be rewritten and if as someone said you are on a LTV band your mortgage offer may go down.I like to give people as many choices as possible to do what I want them to. (Milton H Erickson I think)0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.5K Banking & Borrowing
- 254.4K Reduce Debt & Boost Income
- 455.4K Spending & Discounts
- 247.4K Work, Benefits & Business
- 604.1K Mortgages, Homes & Bills
- 178.5K Life & Family
- 261.6K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards