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Overvaluation of Property
Comments
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The only way the £153k figure would be even remotely relevant is if the solicitor is lying on the paperwork, and saying the purchase price is £153k, with a £23k cash deposit from the buyer.
Apart from that, £130k is what the place sold for - and if it was a £130k mortgage, that is 100%. All. Day. Every. Day.0 -
Well, yes there was a lie. It was the builder's valuation.The only way the £153k figure would be even remotely relevant is if the solicitor is lying on the paperwork, and saying the purchase price is £153k, with a £23k cash deposit from the buyer.
Apart from that, £130k is what the place sold for - and if it was a £130k mortgage, that is 100%. All. Day. Every. Day.
The Loan To Price ratio is 100% as you say.
Indeed the Loan To Value ratio is 104%, if you accept the value as £125,000 according to the survey OP has unearthed.
But the Loan To Valuation ratio is 85% based on the builder's valuation, which the bank accepted.0 -
:rotfl::rotfl::rotfl:And they are now looking this gift horse in the mouth. I don't see them volunteering to retrospectively pay the sort of interest rates that might have been attached to a 100% or even 105% mortgage.
Yes, according to the valuation OP now has, it was 104%. We are now 9 years further on and assuming the mortgage would have a premium of 2% for being 104% rather than 85% LTV, that is £23,400, coincidentally almost exactly the difference between the builder's valuation and the price paid. So actually, OP has reached breakeven, and it is all profit from here.0
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