Who has renegotiated due to CV?

Ozzuk

Crashy_Time said:

https://www.dailymail.co.uk/money/mortgageshome/article-8150803/House-price-growth-slows-market-braces-coronavirus-slump.html

At least this time you acknowledge house prices were growing!  Keep plugging away...

jimmyjammy001

Looks like Barclays is first to withdraw almost all mortgage products above 60% LTV, I suspect others will follow due to the state of the economy, people will need to some how stump up a 40% deposit for a house now, should have a major effect on prices. 

https://www.financialreporter.co.uk/mortgages/barclays-withdraws-almost-all-mortgage-products-above-60-ltv.html

Crashy_Time

Ozzuk said:

Crashy_Time said:

https://www.dailymail.co.uk/money/mortgageshome/article-8150803/House-price-growth-slows-market-braces-coronavirus-slump.html

At least this time you acknowledge house prices were growing!  Keep plugging away...

Can you suggest one, or more, ways that growing house prices help anyone in this crisis?

bigmortgage

jimmyjammy001 said:

Looks like Barclays is first to withdraw almost all mortgage products above 60% LTV, I suspect others will follow due to the state of the economy, people will need to some how stump up a 40% deposit for a house now, should have a major effect on prices. 

https://www.financialreporter.co.uk/mortgages/barclays-withdraws-almost-all-mortgage-products-above-60-ltv.html

Very temporary measure.

peppapig14

we are thinking of negotiating. supposed to exchange contracts next week, solictor advised all on hold untill lockdown lifted. 
when we put our offer in we had some money left in the bank for obvious repairs needed ( new heating, Windows, electrics ) but now with potential of partner being made redundant we are not confident having no funds left ( ideally would like 6 months rent for emergencies ). 
we are thinking of asking for 5k of the original offer? 

Crashy_Time

peppapig14 said:

we are thinking of negotiating. supposed to exchange contracts next week, solictor advised all on hold untill lockdown lifted. 
when we put our offer in we had some money left in the bank for obvious repairs needed ( new heating, Windows, electrics ) but now with potential of partner being made redundant we are not confident having no funds left ( ideally would like 6 months rent for emergencies ). 
we are thinking of asking for 5k of the original offer? 

Ask for more IMO.
https://www.financialreporter.co.uk/mortgages/west-brom-latest-lender-to-halt-mortgage-applications.html

lalna

I didn't renegotiate but did manage to get 15% off the list price and 5% of incentives added. I was willing to originally pay the full list price and add extras myself so I consider it a massive win even if property prices do fall. This is in the north west for a new build.

Curls2208

I've no idea what to do. I'm buying a bungalow. Currently going through the solicitor processes and stuff like that. I agreed £165K, have paid for valuations and have a mortgage ready to go. No contracts exchanged yet, not sure how close I am too that.

What would people recommend? Do I have to pay 165K now I've agreed to it?
Or should I just put everything on hold until after Covid Crisis and renegotiate(is this possible after agreeing a price) with them if house prices plumet? 

Thanks for any advice you can give

bigmortgage

Curls2208 said:

I've no idea what to do. I'm buying a bungalow. Currently going through the solicitor processes and stuff like that. I agreed £165K, have paid for valuations and have a mortgage ready to go. No contracts exchanged yet, not sure how close I am too that.

What would people recommend? Do I have to pay 165K now I've agreed to it?
Or should I just put everything on hold until after Covid Crisis and renegotiate(is this possible after agreeing a price) with them if house prices plumet? 

Thanks for any advice you can give

Completely up to you. Do you love the place or would you be happy letting it go? The housing market was very bouyant until coronavirus so a fall in prices, if they do fall, could be small and short lived. Would a delay of months for a saving of 5% or less be worth while for you (obviously they may fall more than this or the may not fall at all, if anyone knew for sure they would be very rich)?

Curls2208

Well I definitely want to keep it on hold until summer anyway. Which I don't think I'll get a choice in, as I don't see this blowing over in three weeks!