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LTV vs Purchase Price
uncreative
Posts: 384 Forumite
Hopefully this isnt a daft question. We have seen a house and its earlier than we anticipated. We can afford to put down 10% if we get it for the right price!
It has been on the market for nearly a year, is an older style house and needs work done like new windows etc..
It is on the market for £320,000 and has a home report value of the same. We are thinking about putting in a low offer of £290,000. We are chain free and can hopefully complete within 4 to 6 weeks. We have an in principal decision using their soft search with Natwest for £434,000 so hopefully a deposit of £30,000 and a mortgage of £260,000 will go through no problems.
My question is:
The home report value is £320,000 so would/could our LTV be £260,000/£320,000, or 81%; or would it be £260,000/£290,000, or 89%.
Clearly all dpeends on getting the offer accepted!
It has been on the market for nearly a year, is an older style house and needs work done like new windows etc..
It is on the market for £320,000 and has a home report value of the same. We are thinking about putting in a low offer of £290,000. We are chain free and can hopefully complete within 4 to 6 weeks. We have an in principal decision using their soft search with Natwest for £434,000 so hopefully a deposit of £30,000 and a mortgage of £260,000 will go through no problems.
My question is:
The home report value is £320,000 so would/could our LTV be £260,000/£320,000, or 81%; or would it be £260,000/£290,000, or 89%.
Clearly all dpeends on getting the offer accepted!
Total Credit Used...=........£9,000 / £52,700
Mortgage..............=........£138,000 , 20 Years left.
:starmod:CC cashback for this year..=........£112.88 £205.81 banked in 2015
:starmod:YNAB User & Mortgage Free Wannabe
:starmod::A19/03/16
Mortgage..............=........£138,000 , 20 Years left.
:starmod:CC cashback for this year..=........£112.88 £205.81 banked in 2015
:starmod:YNAB User & Mortgage Free Wannabe
:starmod::A19/03/16
0
Comments
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89%
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The lower of the valuation or purchase price will be used.I am a Mortgage AdviserYou 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
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