Mortgage Valuation - Help Please!!!

wisbech_lad

Just to re-iterate what others are saying. You are paying 157,000 for a house. The valuer agrees with you this is a fair value for the house.

The problem is not the value of the house, it is that you are only willing to put 400 quid into the deal. The Americans call this "skin in the game", and asking a bank, at the moment, to agree to a deal where they have 157,000 quid at risk, and you have 400, is a non starter.

You either need to come up with 8-16,000 of your own money sharpish (not a personal loan) or ask the vendors to give a genuine gifted deposit, of 10% below the value of the house

minimike2

When did Halifax agree a 10% gifted deposit for you? Im sure they now only accept 5%.

hoggums

I agreed without the vendor gifted deposit, rather than the value including the 10%, £174K.

The property was listed at £170K, so knew I was taking a slight risk.

Am I reading this right?

You offered OVER the asking price? In this market.

You must be bonkers!

There's quite a simple solution to this..


LOWER YOUR OFFER.

Incisor

hoggums wrote: »

Am I reading this right?

You offered OVER the asking price? In this market.

You must be bonkers!

There's quite a simple solution to this..


LOWER YOUR OFFER.

No, not a solution. The buyer is putting in only £400, that's the problem. Only if the price is reduced to £8000, does the LTV become 95%. I doubt an offer like that would be taken seriously....