Plot buying

first98

Hi, I've recently bought a 1 bedroom flat for £335,000. This was a plot buy and the flat is due to be complete in December/January/February.

When it comes to mortgages, obviously since we've agreed £335k, that is the price I'll pay, if it's valued at mortgage time as £350k for example, how will that effect me? Will I be better off? Will my LTV be better value and would I be open to better interest rates?

Thank you in advance

kingstreet

first98 wrote: »

Hi, I've recently bought a 1 bedroom flat for £335,000. This was a plot buy and the flat is due to be complete in December/January/February.

When it comes to mortgages, obviously since we've agreed £335k, that is the price I'll pay, if it's valued at mortgage time as £350k for example, how will that effect me? Will I be better off? Will my LTV be better value and would I be open to better interest rates?

Thank you in advance

No. Lenders take lower of purchase price and valuation.

foxy-stoat

You would only be open to better interest rates when you come to re-mortgage in 2/3/5 years time.