Increase in new house price

[sarahj]

Hi

Very new to this so bear with me if this is a stupid question
I've bought a house that won't be ready until the end of the year. I know that the mortage approval in principle I get now will be based on purchase price, but when I go to actually get my mortgage at the end of the year, will I be getting the mortgage based on the purchase price or the value of the property at that time.

 

[Howitzer]

Purchase price.

Why?

 

[asdfg]

I take it that this is a new build. Have you and the builder/developer signed contracts and paid the 10%. If so afaia the contract price is the price you pay.

Bear in mind that the mortgage approval is valid fot six months, you have to reapply then, generally no problem. The mortgage provider just wants to make sure that your financial status has not changed.