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Plot buying
first98
Posts: 16 Forumite
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
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
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Comments
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No. Lenders take lower of purchase price and valuation.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 advanceI 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 -
You would only be open to better interest rates when you come to re-mortgage in 2/3/5 years time.0
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