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What happens if... (valuation today!)
May1987
Posts: 8 Forumite
I am a FTB. What happens if the valuer values the property less than the asking price offer, but you are only asking to borrow 66% of the purchase price?
In other words, you are borrowing quite a bit less than you COULD borrow with the deposit you have.
Will the lender still be willing to offer the 66%, and it is then on you to decide whether you are happy paying more than the property is worth (according to that valuer)?
In other words, you are borrowing quite a bit less than you COULD borrow with the deposit you have.
Will the lender still be willing to offer the 66%, and it is then on you to decide whether you are happy paying more than the property is worth (according to that valuer)?
0
Comments
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Your LTV% goes up.
Has it been valued yet?"Dream World" by The B Sharps....describes a lot of the posts in the Loans and Mortgage sections !!!0 -
No, it's today. We really loved the property and we are buying in London commuter belt, so we offered asking price (which was happily below our budget). But nearby recently sold prices are a bit less.0
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Wait for the valuation then decide what to do if it is well over priced.
As long as the value doesn't put you over the lenders higher LTV% bracket and charge you more interest then i wouldn't worry too much."Dream World" by The B Sharps....describes a lot of the posts in the Loans and Mortgage sections !!!0
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