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Shared Ownership - Valuation Issues - Whos right - HA or Surveyor?
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Shared Equity are good, but I cant seem to hit the target in London. The cheap ones I found where £280k0
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FirstTimeBuyerLondon wrote: »But if the lender values the property at £200k and I am purchasing 40% then my part is £80k. If I go for a 75% LTV my deposit would be £20k.
Now if the seller agrees to £210, 40% would be £82k therefore the extra I would need is £2k
Only if your mortgage company are willing to lend on 210k.
Which it seems they are not.0 -
Graham_Devon wrote: »Only if your mortgage company are willing to lend on 210k.
Which it seems they are not.
But if the mortgage lender is only lending upto £200k, they would lend on 40% being £80. For the balance of £10, 40% would be £2k which I can find.
Is that not possible, as the lenders risk would only be £200k. Is that not possible?0 -
FirstTimeBuyerLondon wrote: »But if the lender values the property at £200k and I am purchasing 40% then my part is £80k. If I go for a 75% LTV my deposit would be £20k.
Now if the seller agrees to £210, 40% would be £82k therefore the extra I would need is £2k
You would need an extra 4k actually because 40% of 210 is 84It's not easy having a good time. Even smiling makes my face ache.0
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