Hi we got mortgage approval and placed a bid on a house. I hadn't heard anything from the bank and phoned our manager on Thursday he told me that the bank had received the valuation and had lower the amount they are willing to lend us, he said this is happening a lot lately and it was to do with a point scale in head office we fell marginally below which resulted in the offer being less than we needed.
This leaves us really really tight can I go back to the estate agent and explain to him what has happened. We cant afford the asking price now and need to reduce offer by 5K if we are to proceed is this allowed. I am shocked our loan offer was reduced we were using a lot of savings and not looking for the max amount.
This leaves us really really tight can I go back to the estate agent and explain to him what has happened. We cant afford the asking price now and need to reduce offer by 5K if we are to proceed is this allowed. I am shocked our loan offer was reduced we were using a lot of savings and not looking for the max amount.