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Mortgage based on value or purchase price?
Dalrymple
Posts: 1 Newbie
In a scenario where a property is valued at say £320k in a home report, should I manage to secure the house for £300k, £20k below the valuation, would the mortgage be based on the purchase price or the valuation, effectively reducing the cash I would require up front for a deposit?
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Comments
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Afraid not, always always on the purchase price or valuation whichever is lower..I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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
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