New build devaluation HTB FTB help

Chavy89

csgohan4 said:

Chavy89 said:

what if you change you ltv amount if possible wouldnt that help 

I wouldn't do that, fueling an overpriced house will lead to negative equity down the line when your trying to pay back the HTB

If the builder is not allowing the surveyor in, I would give an ultimatum and walk if demands not met

i do agree with you to be honest but i also know what its like to get your heart attached to a house (speaking from experience and in a similar position) it was just a suggestion tho    

jonnym8083

Thanks all... I have spoken with the progression team today and they are happy to allow anyone on site but countrywide again who did original. They have second opinion first before they look at house price. Halifax use Eserve which was told be sales are banned but progression team will allow???
LTV change isn’t an option as per broker due to us putting only 5% and 20% HTB.
i did raise the question but nationwide came back stating they would lend £217k instead of £234k required.

jonnym8083

so to update we went through with Halifax application. they have also down valued the property but by an extra 10k so they value it 30k lower than asking price. This has been passed to the progression team who have passed this to the sales director. Hoping they will come down in price to the value or that’s it we’re done.

annetheman

jonnym8083 said:

so to update we went through with Halifax application. they have also down valued the property but by an extra 10k so they value it 30k lower than asking price. This has been passed to the progression team who have passed this to the sales director. Hoping they will come down in price to the value or that’s it we’re done.

What has happened @jonnym8083

jonnym8083

Hi, they have offered in recent days to honour the first valuation however this mortgage offer expired and we are now left with the valuation active mortgage for 280k. I advised I didn’t really want to do another mortgage application and we have done everything we can. I presuming there a bit of panic from their side die to current climate 

Darkslider

Sounds like you need to tell them their hesitancy has cost them another £10k. It's not inconceivable that the house has lost that amount in a short space of time due to current conditions. Hopefully they'll realise the error of their ways and sell for the lower amount.

I'm assuming there's no option to get your original mortgage offer extended?

jimmyjammy001

Your get it for 250k in a month or so easy the way things are going

jonnym8083

Old offer expired we had a text couple weeks ago saying the offer would be cancelled after 7 days. Obviously with messing about with the second lender and valuation we let it expire. Tbf we love the house and see us being there for many years to come. Obviously I don’t want to over pay for the property but I’m not looking to wait and drive cost further down. I don’t want to be stupid but I’m happy to pay what’s its worth or valued at...with the current circumstances in 10 years for example it would have more what recovered that’s the only way can look at it... not looking to buy a house cheap so up and sell for example 

graphs

Offer 240. Final offer.

jonnym8083

Do you really think so? Obviously we would rather pay 240 250 instead of 280. I don’t know what to do as don’t wanna lose the house