New Build Valuation Lower than asking Price!

JonathanJ

So the latest news.
After calling Fairview several times and constantly waiting for a “promised” call back all I received was a voicemail from someone reassuring me how everything was going to be alright and that everything will be ok with the other lender. So basically achieved nothing but wasted time there! :mad:
On the other hand I did speak to the mortgage advisors again and finally received that last back breaking straw!

Not only do I have to stump up a larger deposit,
Pay for a second survey
Have my credit file searched again
And go threw the hassle of employment referencing and proving income

But

I am also going to suffer a 1.66% increase in the interest rate (which will be about £120 per month) _pale_

After discussing it threw with my wife a decision has been made. My final and unquestionable offer to Fairview will be £155k or I walk!
I’m sure a lot of you will be quite happy to hear this?…
Now all I have to do is got hold of them!

Should be a good test as to how desperate they really are to flog the places, although I doubt they will accept it.

No matter, on to plan B, nice cheep 2bed house in need of some work.

JanCee

Good decision.

Emmzi

Very good decision. I am sure you will not regret. You need somewhere you feel comfortable with, physically and financially.

natman

Feels much better indeed - when your a first time buyer especially now, the builder should be bending over backwards.

you seem to be having some tough tims, bigger deposit, interest rate increase etc............... I think you are doing more than enough to try and make this purchase.

Glad you have seem to got a better vision with what you want and are more assertive with things.
Regarding what other people think, who cares really, as long as you try and balance up all the advice and the comments, Most people on here i beleive dont want you to end up in a mess thats all.

Keep us posted!!!

Trollfever

Have you actually lived in a flat?

I would much prefer to live in a house.

lynzpower

Great decision, just walk it!

Well done!

JonathanJ

So the deed is done.
After several many phone calls (as usual) I managed to talk to the relevant person.
I told them I didn’t want to go with a different lender and that my offer stood a 155k.

Slightly curious about the reaction, she didn’t question or dispute it, didn’t even ask why.
What surprised me even more was that she offered to return the holding deposit before I had chance to ask for it back.

You could easily look at it from both angles, either they just outright weren’t prepared to consider it and just flat out refused the idea, but I would have thought she would have at least tried to negotiate a little or perhaps ask why.

On the other hand you could say they are calling my bluff expecting me to go back to them tail between legs and offering me the deposit back so easily was to install a slight sense of fear that it may just all come to an end.

I’m hoping they get back to me after “reconsidering” but I suppose the true answer will only be know in the next week or so, either I will get a phone call or a check threw the door. No great loss if they don’t.

Looks like I’m left with renting or part rent part buy.

Thank you all for helping me see the light (or perhaps should it be the darkness in the light)

Jonathan

lynzpower

Congrats Johnathan.

Thats wonderful news. Have a beer. Celebrate. You just avoided making a terible choice:beer:

Trollfever

part rent part buy.

OMG.

Please don't go down that route!

JonathanJ

So im left with renting am I?
let me guess, DON'T RENT!

I gota live someware!