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HELP! 2nd valuation on new build for £10k less
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point 4 above won't work as the bank is lending against your percentage, not the total value and so will reduce their offer along side the reduction in owned percentage.0
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Blacksheep1979 wrote: »point 4 above won't work as the bank is lending against your percentage, not the total value and so will reduce their offer along side the reduction in owned percentage.
The lender may still lend based on a 75%LTV, but it will be based on 75% of the new valuation; i.e. they will lend £123,750 based on 75% of 165k as opposed to £131,250 of 175k. The buyer will need to fund the difference between the 175k and 165k therefore there is no risk to the lender if the buyer pays more than what the property is worth. I did this by lowering my equity stake which the lender was happy with and by re-negotiating the purchase price. The latter may be difficult in this persons case as contracts have been exchanged.
The buyer will benefit by paying less monthly payments based on the reduced mortgage but of course has to find 10k or give away more equity.0
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