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Thomas, Lawyer
Category: UK Law
Satisfied Customers: 7620
Experience:  BA (Hons), PgDip, Practising Solicitor
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i have a mortgage offer with the wrong postcode on. i am looking

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i have a mortgage offer with the wrong postcode on. i am looking to exchange contracts but not sure if this is just an admin error that can be sorted or could the mortgage be withdrawn?

Thanks for your patience.

Whilst it is likely to be an administrative error by the lender you should not exchange until the matter has been resolved.

If you exchanged without the matter being resolved then there is a chance (albeit quite small) that the lender may require a further mortgage offer to be issued (or potentially withdrawn). This may take time. If the time it takes pushes you past the time by which you require the mortgage advance then you will not be able to complete.

This means that you will be in breach of contract, for which the Sellers would serve you with a notice to complete requiring complete by a stated time. If you then miss this you would forfeit your deposit and commit an actionable breach of contract and incur personal liability.

Your solicitor should chase the lender and ensure that the Sellers are updated as to the nature of the delay to assure them that it is nothing more sinister than what you have described.

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Kind regards,

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