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Purchase price higher than valuation- mortgage offer only shows valuation price

5 replies

Melrose86 · 07/08/2020 17:47

Wondering if anyone can help me due to my bank and solicitor not being available til Monday. I thought things were going great getting my mortgage offer in just over a week! But now that I've read it, the purchase price shown on it is different to what we are actually buying it for. We offered higher due to it being a competitive market and it was going to best and final offers and we hadn't sold at the time so weren't in the best position. I knew I would have to find the extra money myself but that's fine I have the funds sorted. Discussed all this during my phone application but nowhere on the offer does it have my higher purchase price. The purchase price shown is the valuation. Does this mean its wrong and they haven't taken into account the fact I'm paying more? It doesn't show the deposit I'm paying but the deposit I stated in my application plus the loan value does add up to my actual purchase price, its just confusing me that that price isn't on the offer anywhere nor is my deposit amount.

Sorry if that's really confusing and badly worded but I'm so stressed thinking I can't do anything about it til Monday!

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ChicCroissant · 07/08/2020 17:52

Is it definitely the purchase price and not just the mortgage offer? I'd expect the mortgage offer to quote the valuation and possibly the loan-to-value rate (LTV).

The deposit doesn't go to the mortgage company so the only things they are interested in are the value of the house and the amount they are lending you for it.

Melrose86 · 07/08/2020 18:32

Thanks for your reply. It does say purchase price next to the valuation amount. I think I maybe need to speak to my solicitor as he will maybe know more about the deposit and extra we are paying above the valuation.

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user1487194234 · 07/08/2020 19:36

IME this happens quite often
Normally just that the mortgage offer automatically populates with the valuation figure
Speak to your solicitor first thing on Monday

user1487194234 · 07/08/2020 19:39

The mortgage offer definitely should state the correct price as solicitor has to confirm price stated is correct price
I see this all the time and normally amended Offer is issued
What lender is it

Melrose86 · 07/08/2020 20:06

It's Nationwide. I will phone them and the solicitor on Monday. I just hate not being able to do anything over the weekend. The call centres are closed over the weekend x

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