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Offering more than valuation?
Grober
Posts: 1 Newbie
im looking at purchasing my first home. Have found the property and it needs a lot of work, walls moving, kitchen, bathroom and windows so a good bit of work I'm prepared to invest to get done.
Due to the amount of work it's on for a lot less than neighbouring properties which on average sell for around £30k more.
The property I'm interested is valued on the home report as 5k less than the asking price - I've already offered the valuation and it was rejected, after discussion they've confirmed they want the 5k more! I am assuming I will only be able to get a mortgage for the valuation so I will need to fund the delta, and then the deposit on top.
Question: if the mortgage valuation is higher would they then allow me to increase the mortgage? I'm grasping at straws here I know but thought I'd ask, would rather spend as little as possible and keep money to renovate!
Due to the amount of work it's on for a lot less than neighbouring properties which on average sell for around £30k more.
The property I'm interested is valued on the home report as 5k less than the asking price - I've already offered the valuation and it was rejected, after discussion they've confirmed they want the 5k more! I am assuming I will only be able to get a mortgage for the valuation so I will need to fund the delta, and then the deposit on top.
Question: if the mortgage valuation is higher would they then allow me to increase the mortgage? I'm grasping at straws here I know but thought I'd ask, would rather spend as little as possible and keep money to renovate!
0
Comments
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Your first statement is right.
Lending is based on the lower of the agreed purchase price or valuation.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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 -
The mortgage transaction will take place on the valuation or sale price WHICHEVER IS LOWER.Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0
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