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Help to Buy
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james1867
Posts: 1 Newbie
Can somebody please help?
We have a mortgage offer on a property with a sale price of £270k and a help to buy authority to proceed for 20% (54K).
The house has been undervalued at £260k and Colley's surveyors are refusing to budge despite supporting evidence being provided to them of exactly the same house being valued, by them, at £270k.
My question is this?
Will the help to buy scheme still back us if the property is valued under the sale price? (we are prepared to add the difference on to our deposit). I can't find the answer to this anywhere on the web.
Thanks in advance.
We have a mortgage offer on a property with a sale price of £270k and a help to buy authority to proceed for 20% (54K).
The house has been undervalued at £260k and Colley's surveyors are refusing to budge despite supporting evidence being provided to them of exactly the same house being valued, by them, at £270k.
My question is this?
Will the help to buy scheme still back us if the property is valued under the sale price? (we are prepared to add the difference on to our deposit). I can't find the answer to this anywhere on the web.
Thanks in advance.
0
Comments
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call your local HTB agent and ask
https://www.helptobuy.gov.uk/equity-loan/find-helptobuy-agent/
buy if you have the deposit available, why not use it anyway, there is no limit on how much you can put in, and will save you mortgage interest.0 -
If the builder will sell to you for £260,000, you need a revised reservation from the builder.
Your PIF will have to be amended to reflect the new price, mortgage amount and reduced equity loan.
A revised ATP will then be issued.
I suspect your builder will want you to apply to another lender for another valuation before it will reduce the price though.I am a mortgage broker. You 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. Please do not send PMs asking for one-to-one-advice, or representation.0
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