We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Deposit query
rfeenie
Posts: 124 Forumite
Hi
Could someone help answer this questions please.
Example: We are in Scotland and have managed to buy a house for £190000, this is £10000 less than the house valuation of £200000.
When we get our mortgage can the £10000 that has been saved be used as a deposit as that is already equity in the house ( assuming bank morttage surveys also say house is valued at £200000)?
Thanks
Rob
Could someone help answer this questions please.
Example: We are in Scotland and have managed to buy a house for £190000, this is £10000 less than the house valuation of £200000.
When we get our mortgage can the £10000 that has been saved be used as a deposit as that is already equity in the house ( assuming bank morttage surveys also say house is valued at £200000)?
Thanks
Rob
0
Comments
-
It is very unlikely that the the mortage survey will value the house as being worth more than you have paid for it.0
-
in england and I would image in scotland too, the mortgage company will base their offer of a mortgage of the lesser of the agreed selling price or their valuationEU tariff on agricultual product 12.2%
some dairy products 42.1% cloths 11.4%
EU Clinical Trials Directive stops medical advances0 -
If the vendor was selling at £200k, and gifting you the £10k then possibly.
If you are buying at £190k, then no.I am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Hi
Thanks for the replies. Not really any clearer though!
Herbiesjp, say the home report( HIPS) values the house at £200k but the owner wants a quick sale and accepts £190k does that make any difference?0 -
Hi
Thanks for the replies. Not really any clearer though!
Herbiesjp, say the home report( HIPS) values the house at £200k but the owner wants a quick sale and accepts £190k does that make any difference?
No. The value of the house is what you actually offer to pay for it. Even then a valuer may disagree and value it lower for mortgage purposes.
The valuer merely protects the lenders interests to ensure that the property provides security for the amount advanced.0 -
Hi
Thanks for the replies. Not really any clearer though!
Herbiesjp, say the home report( HIPS) values the house at £200k but the owner wants a quick sale and accepts £190k does that make any difference?
what's unclear about my previous post?EU tariff on agricultual product 12.2%
some dairy products 42.1% cloths 11.4%
EU Clinical Trials Directive stops medical advances0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.8K Banking & Borrowing
- 254.5K Reduce Debt & Boost Income
- 455.6K Spending & Discounts
- 247.6K Work, Benefits & Business
- 604.6K Mortgages, Homes & Bills
- 178.6K Life & Family
- 262.2K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards