House price fall hits hopes of remortgaging for millions

mystic_trev

Gilly Vines, 36, and her husband Richard planned to sell their two-bedroom flat in Exmouth, Devon, now they have two young children, and buy a house with a garden.

But the flat wouldn’t shift, so Mrs Vines applied for a let-to-buy mortgage, which allows homeowners to borrow for a new home while renting out their old property. Yet the valuation on their flat was £10,000 less than expected and they no longer qualified for the deal.

‘It’s frustrating,’ says Mrs Vine. ‘Different agents valued it at around the same price, but the surveyor said it was much less’ — weakening their deposit from 22 pc to 15 pc. They are now staying put until they build up more equity

http://www.dailymail.co.uk/money/mortgageshome/article-2185126/House-price-fall-hits-hopes-remortgaging-millions.html

So the Flat wouldn't 'shift' and we're not selling it for less than the EA 'valued' it :rotfl:

PasturesNew

Tuff t1tty

abaxas

PasturesNew wrote: »

Tuff t1tty

Meow! Very harsh, but also very true.

diable

Goes to find the worlds smallest violin to play the worlds saddest song on........

Welcome to the real world people, prices can go up and prices can come crashing down.

homelessskilledworker

If people cannot get hold of more debt(remortgaging in this case) how on earth are they going to pay off their debts;)

mystic_trev

PasturesNew wrote: »

Tuff t1tty

It gets more laughable, they've now changed the headline to.


'We were cheated out of a new mortgage by a bad valuation': Falling house prices hit remortgaging hopes for millions

So we can conclude if it's a 'high' valuation it's right, if it's a 'low' valuation it's wrong! I'm surprised Sarah O'Grady from the Express isn't on the case.:rotfl:

abaxas

Why dont we make up some better headlines?

"We were financially raped by the troll face of reality?"

mystic_trev

abaxas wrote: »

Why dont we make up some better headlines?

"We were financially raped by the troll face of reality?"

'Evil Surveyors prey on hard working families'

shortchanged_2

And this report out from the CML doesn't bode well for house prices either;

http://www.moneysavingexpert.com/news/mortgages/2012/08/help-for-struggling-mortgage-borrowers-urged

Fancy that the CML underestimated how many people have benefitted from SMI.

Graham_Devon

shortchanged wrote: »

And this report out from the CML doesn't bode well for house prices either;

http://www.moneysavingexpert.com/news/mortgages/2012/08/help-for-struggling-mortgage-borrowers-urged

Fancy that the CML underestimated how many people have benefitted from SMI.

Apparently SMI is a non-item. The amount of times SMI has been played down on this forum as having no impact on reposessions....

Helped near 250,000 stay in their homes and avoid reposession? Pretty big deal if you ask me.

The CML has just backed up everything I have stated on this forum over the years regarding SMI. So thanks shortchanged. Everytime I've mentioned it I've just been told I have no evidence and just want families and children chucked out onto the streets.

If the housing market being propped up was ever in question....it's answered now.

shortchanged_2

Graham_Devon wrote: »

Apparently SMI is a non-item. The amount of times SMI has been played down on this forum as having no impact on reposessions....

Helped near 250,000 stay in their homes and avoid reposession? Pretty big deal if you ask me.

I know Graham, it's another one of those non existant props along with low interest rates and IO mortgages without repayment vehicles.