We'd like to remind Forumites to please avoid political debate on the Forum. This is to keep it a safe and useful space for MoneySaving discussions. Threads that are - or become - political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.

90% of purchase price or not?

Hello,

Looking to move house later this year. Almost found a buyer for ours and porting existing (with NatWest) as we are still in a fixed deal.

NatWest have told us how much they will lend us and also that they will only lend up to 90% the value of the house we are buying.

My question is, is that 90% the purchase price or 90% the actual properties value following the lenders survey, as the 2 can differ and it will make a big difference to us.

Many Thanks

Mike

Comments

  • Whichever is the lower amount.
    Thinking critically since 1996....
  • Mikeef
    Mikeef Posts: 59 Forumite
    Part of the Furniture 10 Posts Combo Breaker
    Oh !!!!!!!
  • harvey115
    harvey115 Posts: 691 Forumite
    A good point in this would be.

    If the survey comes out to be lower then the purchase price, you have an argument with the vendor and ask them to meet the surveyor valuation price. Although that may not be successful, at least you will have an evidence to show if you are being charged higher then the recommended market value.

    PS - houses are in the market put up by the estate agents valuation, which is most of the times off the mark.
  • vectistim
    vectistim Posts: 635 Forumite
    Part of the Furniture
    harvey115 wrote: »
    PS - houses are in the market put up by the estate agents valuation, which is most of the times off the mark.

    Or they are put up at the owner's valuation, which is most of the time even more off the mark.
    IANAL etc.
This discussion has been closed.
Meet your Ambassadors

Categories

  • All Categories
  • 346.5K Banking & Borrowing
  • 251.3K Reduce Debt & Boost Income
  • 451.3K Spending & Discounts
  • 238.7K Work, Benefits & Business
  • 614.1K Mortgages, Homes & Bills
  • 174.7K Life & Family
  • 251.9K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16K Discuss & Feedback
  • 15.1K Coronavirus Support Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.