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Reducing amount on mortgage promise?
Too_Hairy_Husky
Posts: 52 Forumite
This is all a bit hypothetical at the moment...
Basically, the house we want to buy was valued with land attached at the rear. This land is un-mortgagable and we are currently TRYING to renegotiate to buy the house separately.
My question is, would our mortgage company - The Woolwich - re-value the house and lend on our current application dating from the beginning of December or would we have to reapply for a new mortgage all over again?
Thank you.
Basically, the house we want to buy was valued with land attached at the rear. This land is un-mortgagable and we are currently TRYING to renegotiate to buy the house separately.
My question is, would our mortgage company - The Woolwich - re-value the house and lend on our current application dating from the beginning of December or would we have to reapply for a new mortgage all over again?
Thank you.
0
Comments
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You should be ok (however, check rates, they have fallen since then) it will need to be referred back to the valuer to confirm value still acceptable.
How/why is the land un-mortgageable?I am a mortgage adviser.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.0 -
How/why is the land un-mortgageable?
:mad::mad::mad: Because the greedy so and so selling it has decided to slap an Overage on it (eg if we build a house - which we wont - she gets 40% of the profits for 50 years) making the whole thing un-mortgagable. She's now asking us for £50,000 in cash for the land separately from the house... :mad::mad::mad:
Thank you for putting my mind at rest - to be honest I'm beyond caring about the rate
I just want somewhere to call home...
Thank you again x0
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