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Home Report Valuation
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Cheekythellis
Posts: 36 Forumite
Hi all,
Just a quick question I hope someone can help with. I saw a house for sale offers over 75,000 (in Scotland) but the home report has valued it at 95,000, does this mean the mortgage company would require less of a deposit from me if, for example, the seller accepted an offer of 80,000? Or is this wishful thinking and I would still require at least 10% of the 80,000 to secure a mortgage? Thanks for any advice!
Just a quick question I hope someone can help with. I saw a house for sale offers over 75,000 (in Scotland) but the home report has valued it at 95,000, does this mean the mortgage company would require less of a deposit from me if, for example, the seller accepted an offer of 80,000? Or is this wishful thinking and I would still require at least 10% of the 80,000 to secure a mortgage? Thanks for any advice!
0
Comments
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The deposit required will be based on the lower of purchase price or valuation.
So a £95k valuation and £80k purchase price, needing a 10% deposit, would mean finding £8k.0 -
Thanks for your reply! I thought that would likely be the case.0
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