Northern Rock down valued new build :(

Thrugelmir

peggydoodaa wrote: »

As it was a part exchange it had to be done sooner rather than later as far as we were concerned/led to believe.

Who by?

Or was it an impulse purchase?

bigadaj

Thrugelmir wrote: »

Who by?

Or was it an impulse purchase?

Have you had a bad day?

Thrugelmir

bigadaj wrote: »

Have you had a bad day?

Never ceases to amaze me how often people make important decisions, then deal with finance issues as an afterthought. I suspect because obtaining credit became so so easy. Now that banking is returning to a bygone age. The change of culture will come as a shock to many.

bigadaj

I'll take that as a yes then.

peggydoodaa

Well it didn't end in tears, and no it wasn't an impulse buy (not sure why you'd ask that, hardly a purchase you'd do as an impulse!?).
The contracts where signed originally as conditional upon us getting a satisfactory mortgage offer.

New contracts are now to be signed as we've got the mortgage no problem with Nationwide, who valued the house at the asking price.

Thankfully it's all worked out in the end.

opinions4u

peggydoodaa wrote: »

Well it didn't end in tears, and no it wasn't an impulse buy (not sure why you'd ask that, hardly a purchase you'd do as an impulse!?).
The contracts where signed originally as conditional upon us getting a satisfactory mortgage offer.

New contracts are now to be signed as we've got the mortgage no problem with Nationwide, who valued the house at the asking price.

Thankfully [STRIKE]it's all worked out in the end[/STRIKE] we've paid a lot more for this than Northern Rock's valuer said we should.

fixed it for you . Enjoy your new home.

peggydoodaa

That may be the case, but surely the house is worth what we are willing to pay for it? and Nationwide agreed

bigadaj

A house is worth what someone is willing to pay. For it, unfortunately with a new house, like a car, it is immediately worth less once you move in. Also you admitted earlier that you were overcharged by five grand initially, anyway it your money, not nationwides when push comes to shove.

opinions4u

peggydoodaa wrote: »

That may be the case, but surely the house is worth what we are willing to pay for it? and Nationwide agreed

That's fine and completely your call.

But buyers of new build tend to have severe resale problems, especially within the first few years.

Fingers crossed it won't be a situation that affects you though.

getmore4less

This was a part ex so the reality is not the "price" of the newbuild but the cost to change.

builders are happy to make that possible with a high exchage offer to get the newbuild on the land reg at a higher price.

Shame the OP fell for the must exchange now ploy before, they probably could have saved a bit but hay ho.