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Haggling with Barratts?
matt1987
Posts: 899 Forumite
Hi All
Me and my partner currently live in a 2 bed terraced house in a not so good area. Its a nice estate ( house around 25 years old ) and has central heating with a driveway big enough for 2 cars, good bathroom, kitchen needs a slight bit of work to it, but has been re-fitted, and some cosmetic things like painting and a bit of plastering to the very very small piece of wall. The windows will probably need replacing at some point too.
We have always been wanting to move to a nice area just on the outskirts of Brum, and have noticed that Barratts have a small development going up with houses that we like the look of.
However, I know the market value of our current house is £120,000, and we paid £110,000 for it 26 months ago. The new house is up for £212,000.
Now my bank have said this would not be an issue in borrowing for me and my partner, but they have said that I would need atleast a 15% deposit as its a new build property, they have certain conditions.
There is £90,000 outstanding on our current mortgage, and something tells me that Barratts are probably going to offer me what I paid for the property ( £110,000 ).
What's the likelihood of being able to haggle with Barratts, and telling them our mortgage providers conditions with the 15% deposit, and them tweaking prices of either the p/x or house to accomodate this?
There is only a small amount of the 3 bed houses on this estate, so thats what puts me off even entertaining them as I may be wasting there time!
These properties will be built around June - Sept.
Id like to hear your thoughts!
Matt
Me and my partner currently live in a 2 bed terraced house in a not so good area. Its a nice estate ( house around 25 years old ) and has central heating with a driveway big enough for 2 cars, good bathroom, kitchen needs a slight bit of work to it, but has been re-fitted, and some cosmetic things like painting and a bit of plastering to the very very small piece of wall. The windows will probably need replacing at some point too.
We have always been wanting to move to a nice area just on the outskirts of Brum, and have noticed that Barratts have a small development going up with houses that we like the look of.
However, I know the market value of our current house is £120,000, and we paid £110,000 for it 26 months ago. The new house is up for £212,000.
Now my bank have said this would not be an issue in borrowing for me and my partner, but they have said that I would need atleast a 15% deposit as its a new build property, they have certain conditions.
There is £90,000 outstanding on our current mortgage, and something tells me that Barratts are probably going to offer me what I paid for the property ( £110,000 ).
What's the likelihood of being able to haggle with Barratts, and telling them our mortgage providers conditions with the 15% deposit, and them tweaking prices of either the p/x or house to accomodate this?
There is only a small amount of the 3 bed houses on this estate, so thats what puts me off even entertaining them as I may be wasting there time!
These properties will be built around June - Sept.
Id like to hear your thoughts!
Matt
0
Comments
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I am no expert but would it be better to look for a lender who will lend on a new build at 90 percent ?0
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What have you got to lose by trying?0
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ok, but that doesn't help much if you can't get the house you want.
Maybe do as lee suggested and give it a try.0
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