Anyone want to join me? Awaiting Mortgage decision...

Jamaicanmelaff

zv13424 said:

zv13424 said:

Jamaicanmelaff said:

heston2014 said:

Jamaicanmelaff said:

zv13424 said:

Jamaicanmelaff said:

zv13424 said:

Mortgage offer received yesterday after valuation Thursday. Unfortunately they’ve valued £10k less than our offer.
Sellers are willing to go £5k lower but not £10k and would prefer to put it back on the market. 

What would you do? 

Ooh yours was fast! It’s a positive that your seller wants to meet in the middle, but I guess it depends on lots of things. Is the house your dream house and do you think it’s well-priced for the area? Can you even afford the extra 5k yourself? How long are you planning on living there/will it be long enough to reassure you that you’ll still make a profit if and when you need to sell?

Thanks for your reply. I think it’s well priced for the area to be honest. I was surprised at the downvaluation. 

I have to admit I’ve fallen in love with it, I think my partner is being more cautious though. 

We could afford the extra £5k and wouldn’t be looking to sell in the next 5-10 years anyway.

I suppose it’s more a concern about buying a property for more than a lender has valued it at. Is this even something to be concerned about?

Honestly, if it was me, I loved it that much and planned to live there for a long time I think I’d probably meet the seller in the middle and go for it, at least if the same happens to me I will (but the house I’m buying has already been mine in my head since March so even though I’ve tried not to get my hopes up I’ve made so many plans for it). You’ll be starting in negative equity compared to the valuation but only slightly, and you should be there long enough to counteract that even if house prices do fall for a while. Also factor in other costs such as are you renting and if so how much it will cost you to continue renting while looking for another house etc. Maybe take another look on Rightmove etc and see if there are any other options for you. I’m just saying what I would do btw, it’s not necessarily the right choice. Ultimately only you and your partner can make the decision. At least it’s not a massive difference so you have a choice either way. 

I would probably do the same IF I loved it that much AND planned to live there for a long time.
However, circumstances change all the time.  What if the property value doesn't recover for a while and you're stuck with negative equity and your circumstances change which may force you to sell up? It can happen.  If the property is in a good area and you are confident that it will sell quickly, then I guess go for it.
If you can afford the additional £5k and it's your dream home, only you and your partner can decide.
We made an offer on a property that was on a market for months, our offer was low because it was our absolute max.  House needs a lot of work but we saw lots of potential to put our own stamp on it and our long time family home.  Vendor rejected our offer twice.  We walked away but kept an interest in the property that if it still didn't sell, our offer still stands.  Surprisingly, they eventually considered our offer and now we're anxiously waiting for our mortgage to be approved.  Way I see it, if it's meant to be, it's meant to be. Be prepared to walk away and don't overstretch your finances as no one knows what the house market will be in the years to come. Negative equity and overstretched finances on one hand OR walk away and wait for the right house to come along.  If this is the right house for you, then £5k it is. :-)

Yeah, that’s why I asked those things specifically. No way would I do it if I were already compromising on the house or if there were very similar properties available in the area for a lower price or had my doubts about it. I agree with your points about over-stretching and negative equity too. I think it will also depend on if you stand to lose any money by walking away at this stage and how much you might pay in rent while looking for another place if it takes X amount of months, but again those are things only the poster and their partner will know and can decide on by weighing up.

In my case, obviously I’m hoping the valuation doesn’t come back lower anyway, but it’s a really unusual property right in the centre of town, which is helpful because I can’t drive, with a huge garden and so much potential. I know there are other amazing properties, not nothing quite like it in the perfect location type thing because I’ve been looking on Rightmove for the last 18 months while building up a higher deposit cos I’m self-employed and buying solo so wanted to be in the best position but could move immediately with a lower deposit if I found something spectacular (staying at my mum’s in the meantime so no rush). Even then it would depend how much the difference came back as. A few/five grand I’d be willing to do cos I’m getting the house for a good price anyway, but I wouldn’t do more than that, and I’m head over heels in love with the place I’m buying. 

Thank you for replies everyone.
Its I’m quite a desirable area and needs no work / everything is modernised.
its also not overstretch us at all. We could get accepted in principle for £150k more than this property and our current rental is £200 a month more than a potential mortgage.
Suppose I was just worried it wasn’t normal to offer over a valuation (FTB situation) everyone keeps telling us different things 

Just a bit of an update in case anyone is interested.. Spoke to estate agent and put in an offer of £178k. This has been accepted. 

So we can carry on with everything now!

This is great news. Congratulations, I’m glad you managed to sort it so quickly!

fackers_2

fiision2020 said:

fackers_2 said:

fiision2020 said:

I'm concerned that the property is no longer listed as sold STC on the estate agent's website (will need to clarify that with the EA). 

I’d be getting right onto that ASAP, doesn’t sound good. Have you checked Rightmove?

Yes, have checked Rightmove and the property is no longer listed as sold STC on there as well. Do you think the EA/Vendor are trying to hold out for a better offer?

Potentially, how much under the asking was your accepted offer? What are the sales like on the street and how much interest was there in the property?

I can’t understand any other reason behind it otherwise... You’re likely in Gazumping territory!

Creditfixer3021

fackers_2 said:

fiision2020 said:

fackers_2 said:

fiision2020 said:

I'm concerned that the property is no longer listed as sold STC on the estate agent's website (will need to clarify that with the EA). 

I’d be getting right onto that ASAP, doesn’t sound good. Have you checked Rightmove?

Yes, have checked Rightmove and the property is no longer listed as sold STC on there as well. Do you think the EA/Vendor are trying to hold out for a better offer?

Potentially, how much under the asking was your accepted offer? What are the sales like on the street and how much interest was there in the property?

I can’t understand any other reason behind it otherwise... You’re likely in Gazumping territory!

Can you not call the estate agent and ask them what games they’re trying to play. I’d be pretty unhappy if that was me, surely the estate agent will know how long mortgage applications are taking! Just refer them to this site if they want some evidence.

Im getting a new build and they chased me last week, I was quite blunt and said that this was out of my control and not to push me. I got an apology call from the sales manager later that day who understood it was out of my control. I’ve even started the searches before my mortgage application so I really can’t do anymore to speed things up  

fiision2020

fackers_2 said:

fiision2020 said:

fackers_2 said:

fiision2020 said:

I'm concerned that the property is no longer listed as sold STC on the estate agent's website (will need to clarify that with the EA). 

I’d be getting right onto that ASAP, doesn’t sound good. Have you checked Rightmove?

Yes, have checked Rightmove and the property is no longer listed as sold STC on there as well. Do you think the EA/Vendor are trying to hold out for a better offer?

Potentially, how much under the asking was your accepted offer? What are the sales like on the street and how much interest was there in the property?

I can’t understand any other reason behind it otherwise... You’re likely in Gazumping territory!

The vendor accepted on the asking price. The property did sell prior but fell through at the last moment. The vendor is eager to get the completion by the end of August. I'm in a good position as I'm a chain free FTB and i have been trying to get things moved along as quickly as possible hence instructing the solicitor and having the mortgage agreed in principle (have also completed the full application). I was going to sort out the surveyor this week before noticing the change in status. Sales on the street have been slow however the EA has led the vendor to believe that there are loads of people from London (obviously loaded with cash) showing interest in the area (Kings Lynn/Wisbech). There has not been much interest on the property and the vendor was quick to accept my offer. It could all be an error however I believe he has had second thoughts and maybe believes he can get more. 

Beckydev

Ours is stuck on the underwriters stage at the moment with skipton, 20th June we applied. 

They asked for another month's bank statement, if our current house has sold yet (currently under offer) and to explain a loan that wasn't declared. We remortgaged a few years back but didn't realise it was classed as a loan, assumed it was added onto our mortgage so ticked the no loan box. Broker also didn't pick up on this even with the statement I sent.
Valuation was done the day after requested information so 4 days ago. 
According to the online tracker they havnt got the valuation or looked at additional information. I'm slowly losing my mind with the unknown

tigsly

28tsw said:

Anyone else waiting for 8am tomorrow for HSBC to release products? Anyone get one last week? 

Do you mean new rates? or do you mean release some to brokers?

28tsw

tigsly said:

28tsw said:

Anyone else waiting for 8am tomorrow for HSBC to release products? Anyone get one last week? 

Do you mean new rates? or do you mean release some to brokers?

I mean the release to brokers this morning 

sljc

After having read this thread for the past couple of months , I just thought I’d add a post For anyone applying with HSBC. 
LTV 90% , applied ourselves directly ,

DIP with HSBC on 14th June 
Full application 17th June 
uploaded documents 19th June 

Valuation booked 3rd July 
Got mortgage offer through this morning - 6th July 😄 

heston2014

sljc said:

After having read this thread for the past couple of months , I just thought I’d add a post For anyone applying with HSBC. 
LTV 90% , applied ourselves directly ,

DIP with HSBC on 14th June 
Full application 17th June 
uploaded documents 19th June 

Valuation booked 3rd July 
Got mortgage offer through this morning - 6th July 😄 

Congratulations! Still no update on ours getting really impatient!
On the plus side, apparently, Government introducing no stamp duty for under 500k for six months! Anyone else heard? Due to be announced on Wednesday according to the daily mirror.

Process90

HSBC will love you if you're fully employed, have been working throughout, and/or are a 'keyworker'.
Anything other than the above and they're dragging their feet and kicking applications around.