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Paying over Home Report value (Scotland)
scottishgirl87
Posts: 689 Forumite
We sold our flat back in September and have unfortunately have been living with my parents ever since due to pretty much everything in our areas going to a closing date and then selling for 5-10% over Home Report value.
Am I right in thinking that, for example, if a house has an HR value of £200k but we have an offer accepted at £210k then we’d only be able to get a mortgage for (most likely) 90% of £200k? So we’d have to pay £20k deposit (10% of HR value) plus the additional £10k in cash meaning deposit of £30k total.
Hope that makes sense!
Am I right in thinking that, for example, if a house has an HR value of £200k but we have an offer accepted at £210k then we’d only be able to get a mortgage for (most likely) 90% of £200k? So we’d have to pay £20k deposit (10% of HR value) plus the additional £10k in cash meaning deposit of £30k total.
Hope that makes sense!
0
Comments
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You are correct, you would need to make up the excess amount above the HR value yourself on top of the 10% deposit for the mortgage based on the HR value. The lender will only offer a mortgage based on the lower of valuation or accepted offer.0
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Thank you! That’s what I thought but started to think I was wrong...0
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