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transfer of equity - affordability

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Comments

  • anukis
    anukis Posts: 53 Forumite
    edited 11 April 2013 at 9:29AM
    privacy reasons
  • kingstreet
    kingstreet Posts: 39,439 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    It's a chartered surveyor who carries out the valuation.

    He will rely on the recent sale of comparable property in the area.

    The Halifax indexed valuation system uses statistics for general areas to suggest a valuation and this may be accurate, or it may be way out.

    Property value has no impact on affordability. It impacts the available mortgage product, if, for example, a lower valuation takes you into the next product loan to value banding.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, 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. Please do not send PMs asking for one-to-one-advice, or representation.
  • anukis
    anukis Posts: 53 Forumite
    edited 11 April 2013 at 9:29AM
    privacy reasons
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    anukis wrote: »
    And does the valuator look at recent sales? There's only one flat sold in my bldg since last year, at 262K.

    The value is very close to the £250k stamp duty level. There's a tipping point where the property value may default closer to this mark.
  • anukis
    anukis Posts: 53 Forumite
    edited 11 April 2013 at 9:30AM
    privacy reasons
  • kingstreet
    kingstreet Posts: 39,439 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Money to reduce balance should be paid when Halifax request. Either direct to mortgage account or via solicitor handling TofE.

    Evidence of maintenance, tax credits etc can always be via bank statements. That's how they accept it on new cases.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, 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. Please do not send PMs asking for one-to-one-advice, or representation.
  • its2easy
    its2easy Posts: 1 Newbie
    hi all,i would like to buy an apartment in tenerife but i don,t have savings for a deposit what i do have is two houses with no mortgage's on either and a combined total of around £260,000 if i were to sell them which i don,t want to at the moment,can any body help me with how i could get a mortgage for the apartment kind regards its2easy.
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