impact of decreasing house price on mortgage approval

B

bilko27

Guest
Advice please - I got mortgage approval for 85% of purchase price for a new build - contracts exchanged about 1 year ago mortgage approval based on purchase price in contract. We expect to close in MArch but we recently saw that the developer is offering similar house in development for about 15% less than the price we have agreed. I'm worried now that this will have an impact on our loan offer - any opinions on this welcome..
 
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