Offer accepted at £255k
£32000 deposit
£223000 mortgage
We had an appointment with our MA in early May...provided all info required.
Bank valuation done at £245k
Mortgage offer accepted 2 weeks later.
Bank valuation done at £245k
I called the MA and said is this going to affect the mortgage offer as it has been down valued he said no banks down value all the time and as your paying the additional 10k as deposit anyway it will not make a difference.
Solicitors received Mortgage Offer in May.
I'm surprised as even they missed it full well knowing the purchase price is £255.
I signed all docs on Monday, completion set for 31st August.
Solicitors requested Mortgage funds to be released 3 days ago.
Today I get a call from.my Solicitors saying the purchase price on the mortgage offer is wrong as it is 245k. I said that's the valuation price she said nope it clearly states purchase price.
Called MA to discuss and be advised the purchase price has never been down as £255 and all the docs state £245.
I specifically told the MA during the video call appointment we had the property value was 255k.
The only document anywhere with the purchase price at 245k is the mortgage offer which was after the valuation. So when reading through it I assumed this is what the bank have valued it and therfore put this figure down.
Bank will now have to resend through amended mortgage offer, current offer expires on 29/08/22.
More than half the deposit funds are already with the solicitors.
I've been on the phone all day.
Going out of my mind.
Don't think.contracts have been exchanged yet as we haven't had the authorisation "call" from the solicitors.
I am so worried.
Has anyone been in a similar situation what happens now?
Sorry for the long post. And thanks if you got this far. Xxx