Help with Mortage Valuation please

Emy1501

des_cartes wrote: »

It would be bad advice. I am not wealthy enough to do what you suggest the op does but if she is, as presumably you are, then wasting tens of thousands is no problem.

You should not be taking such a gamble then on probably your biggest investment in life then. Most people who STR'd around the time you did have lost out when you take into account buying and selling fees.

Whilst I agree with you that prices may fall over the next 6-12 months there is a forum to discuss house prices and this is not it. No one know where house prices are going and you like everyone else is just guessing and therefore gambling with your money.

If you can't afford to gamble then I suggest you dont or try to convince other people to do it.

SingleSue

HAMISH_MCTAVISH wrote: »

1) "Dodgy lending" stopped with the crash. Prices have risen by £20,000 since the crash ended, with no "dodgy lending".

2) The average income of house buyers is very different from the average income of all people. You are confusing the two.



You would have said the same thing in 2009..... When the average house price was around £20,000 cheaper than today.:cool:

Hamish, my dear chap, you are forgetting about area specific......in some areas, house prices are higher than in 2009 but in some other areas, they are lower than 2009.

My area is one which is lower than 2009....a lot lower but then my area also had its peak a lot later than others too, so when others were falling, we were still rising and couldn't understand why everyone else was getting their knickers in a twist! :rotfl:

N.B No vested interest in the market, neither own a home nor want to own a home unless outright...and that is an impossibility unless I win the lottery! So house prices going up, down or staying where they are, makes no difference to me whatsoever.

shortchanged_2

MadnessOfHPC wrote: »

Spot on. There are a lot of people on here with a secret agenda of trying to initiate a housing crash. The devestation of which on the economy would be horrendus. But as long as they can they pick up a cheap property portfolio. It's sickening how these ghouls wish misery unemployment and homelessness on others. They are nothing more than vultures.

Look the main problem here was the banks stupidity in fueling an overpriced housing market that created this problem we are facing now.

The housing market became hyper inflated, why? Because banks and BS's were willing to lend 5 times incomes and were offering 125% mortgages etc. The market would have remained more stable if banks had been more strict with their lending criteria.

The housing market is all about supply and demand. If the banks are readily making silly amounts available for mortgages this will cause people to overstretch themselves.

The housing market under these conditions WILL continue to rise.

The banks should have been more sensible in the first place and then we would have been less prone to this boom and bust housing market we continually get.

pararct

shortchanged wrote: »

Look the main problem here was the banks stupidity in fueling an overpriced housing market that created this problem we are facing now.

The housing market became hyper inflated, why? Because banks and BS's were willing to lend 5 times incomes and were offering 125% mortgages etc. The market would have remained more stable if banks had been more strict with their lending criteria.

The housing market is all about supply and demand. If the banks are readily making silly amounts available for mortgages this will cause people to overstretch themselves.

The housing market under these conditions WILL continue to rise.

The banks should have been more sensible in the first place and then we would have been less prone to this boom and bust housing market we continually get.

As epitomised by Merv King at the TUC this morning...

The situation was brought about by greedy banks chasing ever increasing profits (and bonuses) and lax Government intervention by way of legislation to curb this and policy to lead the way.

Brown sent all the wrong signals to the banks with his ' you can do no wrong' (when he opened Lehmans in the City) and the end to 'boom and bust' speeches.

History tells us property does increase in value over the long term. This is a steady but sure increase with a little hiccup here and there in between.

The last 10 years has seen such an inflated market it was obvious to anyone with half a brain that it was unsustainable.

For the record the Northern Rocks 125% mortgages placed the owners into negative equity even before they had moved in. It was no accident that with foolishness such as this Northern Rock was the first to perish.

shortchanged_2

pararct wrote: »

As epitomised by Merv King at the TUC this morning...

I don't know what he said. I haven't heard his speach.

maddie67

Hi Everyone

I told you I would let you know the outcome of the Appeal.

Well the new Surveyor went out on Friday and today I received our Mortgage Offer and the property was valued at the purchase price.

I know some of you said I should go back the builders and ask for a reduction, but if I had any doubt that the property was worth less than we offered to pay for it then I would have done.

Thanks again everyone for all of your advice.

poppy10_2

maddie67 wrote: »

Hi Everyone

I told you I would let you know the outcome of the Appeal.

Well the new Surveyor went out on Friday and today I received our Mortgage Offer and the property was valued at the purchase price.

I know some of you said I should go back the builders and ask for a reduction, but if I had any doubt that the property was worth less than we offered to pay for it then I would have done.

Thanks again everyone for all of your advice.

Thanks for the update, glad you got the outcome you wanted. Do remember to post back here when you come to sell up, will be interesting to see how the valuation holds up over time.

vlad_the_impaler

MadnessOfHPC wrote: »

Spot on. There are a lot of people on here with a secret agenda of trying to initiate a housing crash. The devestation of which on the economy would be horrendus. But as long as they can they pick up a cheap property portfolio. It's sickening how these ghouls wish misery unemployment and homelessness on others. They are nothing more than vultures.

:rotfl:

A tin-foil hat is on order for you; just like some of the loons at HPC. I personally think the lizard overlords of the world have a secret agenda to put the price of Tesco value baked beans up to 25p a can; the beasts! Flibble, gibber.....

pararct

Hope it all goes good for you Maddie and you enjoy your new house.

Make sure you get it all sorted out for when he gets back!! The second thing he will want to do when he gets home is take his Bergen off (ask him):rotfl:

End of the day all the opinions on whether the market goes up or goes down is irrelevant for those that buy property to live in... 25 years from now (or sooner hopefully) you will have paid your mortgage off). In the unlikely it is worth less then. so will be the place you come to buy next....

Is him indoors home for Xmas?

maddie67

pararct wrote: »

Hope it all goes good for you Maddie and you enjoy your new house.

Make sure you get it all sorted out for when he gets back!! The second thing he will want to do when he gets home is take his Bergen off (ask him):rotfl:

End of the day all the opinions on whether the market goes up or goes down is irrelevant for those that buy property to live in... 25 years from now (or sooner hopefully) you will have paid your mortgage off). In the unlikely it is worth less then. so will be the place you come to buy next....

Is him indoors home for Xmas?

I agree that property prices are all relative - if you gain value then so has what you want to buy so you never actually see the money anyway.

Will have to ask him about the Bergen, and yes, for the first time in 3 years he will be home for Christmas :j