House Purchase

bruich76

So we have agreed to buy a new build house. We are using Help to Buy and Nationwide have said that they can lend us their part of the mortgage. However, on enquiry with Help to Buy they have said that the price we are paying is just out of affordability.


We have agreed to pay £319,995 and they are saying that it needs to come down to £311,500.00


Either that or we put some more money in or pay off some credit commitments.


Now, we could probably pay off some credit commitments, however, I was wondering what everyone thought should we be going back to the developer to try and get them to reduce the price?


Obviously, its a sticky situation as they have already given us a load of incentines, carpets throughout, tiles, appliances, half of stamp duty paid, turf, etc


I don't know if they will agree to reduce the asking price by that much as well?


But then again we don't really want to spend all our savings repaying some credit commitments.


ARGGGGHHHHHH!

marksoton

You can but ask. But if you've secured a fair few incentives i doubt it.

bruich76

Nothing is ever easy.

walwyn1978

Go and ask them. They can only say no. They might say yes. It depends on how popular the development is, how many are already sold, what targets they have for sales and how far away or past those targets they are.

Edit: beaten to it by Marksoton.

Bossypants

Given that it's affordability that's the issue, not the the survey valuing the property at less than agreed price (right?), I imagine the developer would rightly tell you to take a hike if you asked for a price reduction. After all, why should it be their problem that you can't afford their property?

I would focus on paying off those credit cards, which you will be pleased with later in any event.

Good luck!

bruich76

It's not credit cards or anything like that. It's just some student loans. Can't have fancy jobs without paying for education.

steampowered

If you have already signed up on the dotted line, I don't see why the developer would agree to reduce the price. Though I suppose no harm in asking.

Bossypants

Doesn't matter what it is, my point was that less debt is almost always a good thing, so if you can get rid of it then do.

bruich76

We haven't signed anything we have just put down a deposit. They were originally selling these houses for £309.995 a pop but then increased them to £319,995.


There's a load of them at the moment that are built waiting to be sold well... 8 or 9.

glasgowdan

bruich76 wrote: »

It's not credit cards or anything like that. It's just some student loans. Can't have fancy jobs without paying for education.

Tell that to Alan Sugar!

bruich76

bet alan sugar struggled to get a mortgage though at my age being self employed and all that on markets.