Originally Posted by
AyDee
In a bizarre situation.
Put a mortgage application in 2 months ago with a high street lender. They asked us to carry out 2 surveys before they could give an offer; we did those and they stated they would value the property at £0 until the works recommended in the reports was completed (i.e. to be done before they give the mortgage offer). The property is basically in need of a lot of work.
This was frustrating as they only confirmed this 10 days or so ago. We've since been trying (and failing) to secure a new lender, unsurprisingly on much worse rates.
Fast forward to today and the high street lender ha sent us a mortgage offer which doesn't once refer to the works which were required to be done. It all looks fine and as you'd expect, other than the property value being £10k less than the offer we had accepted (and which means the LTV is similarly different, so 92% rather than 90%).
It seems like someone at the lender has mistakenly sent an offer, which our broker says he's never seen before (neither had his colleagues over thousands of deals).
We've pondered whether to crack on and pray that they don't realize but it seems v unlikely that they wouldn't realize at some point given how stubborn they've been on the issue. It'd be galling to be one month down the line, or even at completion, and they pull the plug (or at best we'd spend next two months waiting for it to happen).
So we're probably going to ask the broker to speak to his BDM at the lender and to see what's what. We thought it was dead in the water but now slim hope that they'll have to honour the offer.
All seems a bit surreal but expecting the lender to take any route they can to get out of it. Sucks.