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Mortgage Help
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davidcam95
Posts: 1 Newbie
Hi,
My partner and I are currently looking to purchase a house. I have spoken to a mortgage adviser today and he has given us an idea of what we would be able to lend and how much it would cost for the property we are looking at.The mortgages he gave us were for a house valued at £80,000 with a 95 % ( £76,000) mortgage.
What I forgot to mention was the house is valued at £85,000 but the sellers lowered it to £80,000, to try and sell it quicker. so my question is does this change the LTV of the mortgage. or would it stay at 95% ?
Any help would be appreciated
Thanks
Dave
My partner and I are currently looking to purchase a house. I have spoken to a mortgage adviser today and he has given us an idea of what we would be able to lend and how much it would cost for the property we are looking at.The mortgages he gave us were for a house valued at £80,000 with a 95 % ( £76,000) mortgage.
What I forgot to mention was the house is valued at £85,000 but the sellers lowered it to £80,000, to try and sell it quicker. so my question is does this change the LTV of the mortgage. or would it stay at 95% ?
Any help would be appreciated
Thanks
Dave
0
Comments
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The LTV will be based on what the eventual sale price (or mortgage valuation after survey if lower)0
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As above, the LTV is based on the lower of the valuation or purchase price.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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