Nearly £60k down-valuation by lender

SpiderLegs

Crashy_Time said:

MobileSaver said:

Crashy_Time said:

Way too late though, their lending practices have caused the current mess.

What "mess"?

The market is booming around my way; sellers are getting top dollar and buyers can obviously afford those same asking prices.

As of this morning there are just two properties available to buy within a three mile radius of the village I live in:

One came onto the market just a week ago.

The other has been on the market since late last year but I suspect that is because the Rightmove listing is a dog's dinner - inexplicably the main photo is of the lounge but, much worse, the address that is shown prominently before you choose to view the property states that it is in a town around 15 miles away. Imagine the real address was "Stevedore Place, Leith, Edinburgh" well for some bizarre reason they've listed the address as "Livingston, Edinburgh, Midlothian" - most people looking for somewhere in Leith would probably not bother clicking a link for a property apparently in Livingston - all very odd.

The buyers for your village are using equity from a bubble in the cities (London most likely) caused by years of too lax lending that had to be propped up by cutting interest rates to record lows, if rates start rising that dynamic is changed. The "mess" is hard working keyworkers on two wages still not able to buy near where they work without HTB/Family Loan/All their savings in the  house pot etc. That is what a housing bubble created with cheap debt does, it makes basic property more unaffordable for ordinary people! The mad rush to buy when the SD holiday kicked in shows that a lot of people can`t easily afford it, they are stretching themselves, and many will be financially hurt if rates rise.

Crashy you are spot on.
cheap debt with expensive houses is awful. It’d be much better if we had expensive debt with cheaper houses. Just like the good old days. The sooner we get rates back at 8% the better, then all those youngsters can spend all their money on interest charges while all those rich savers get all the benefit.


The more we can do to stop people wanting to buy houses the better in my view.

Crashy_Time

SpiderLegs said:

Crashy_Time said:

MobileSaver said:

Crashy_Time said:

Way too late though, their lending practices have caused the current mess.

What "mess"?

The market is booming around my way; sellers are getting top dollar and buyers can obviously afford those same asking prices.

As of this morning there are just two properties available to buy within a three mile radius of the village I live in:

One came onto the market just a week ago.

The other has been on the market since late last year but I suspect that is because the Rightmove listing is a dog's dinner - inexplicably the main photo is of the lounge but, much worse, the address that is shown prominently before you choose to view the property states that it is in a town around 15 miles away. Imagine the real address was "Stevedore Place, Leith, Edinburgh" well for some bizarre reason they've listed the address as "Livingston, Edinburgh, Midlothian" - most people looking for somewhere in Leith would probably not bother clicking a link for a property apparently in Livingston - all very odd.

The buyers for your village are using equity from a bubble in the cities (London most likely) caused by years of too lax lending that had to be propped up by cutting interest rates to record lows, if rates start rising that dynamic is changed. The "mess" is hard working keyworkers on two wages still not able to buy near where they work without HTB/Family Loan/All their savings in the  house pot etc. That is what a housing bubble created with cheap debt does, it makes basic property more unaffordable for ordinary people! The mad rush to buy when the SD holiday kicked in shows that a lot of people can`t easily afford it, they are stretching themselves, and many will be financially hurt if rates rise.

Crashy you are spot on.
cheap debt with expensive houses is awful. It’d be much better if we had expensive debt with cheaper houses. Just like the good old days. The sooner we get rates back at 8% the better, then all those youngsters can spend all their money on interest charges while all those rich savers get all the benefit.


The more we can do to stop people wanting to buy houses the better in my view.

Mortgage rates can move up while savings rates go down (happening now) mortgage rates are not as dependant on base rate as you think.

MobileSaver

Crashy_Time said:

mortgage rates are not as dependant on base rate as you think.

Huh?!?! So why for the last six years have you been banging on about doom and gloom if base rates go up?

Crashy_Time

MobileSaver said:

Crashy_Time said:

mortgage rates are not as dependant on base rate as you think.

Huh?!?! So why for the last six years have you been banging on about doom and gloom if base rates go up?

What do you think would happen if base rate goes up?

SpiderLegs

Crashy_Time said:

SpiderLegs said:

Crashy_Time said:

MobileSaver said:

Crashy_Time said:

Way too late though, their lending practices have caused the current mess.

What "mess"?

The market is booming around my way; sellers are getting top dollar and buyers can obviously afford those same asking prices.

As of this morning there are just two properties available to buy within a three mile radius of the village I live in:

One came onto the market just a week ago.

The other has been on the market since late last year but I suspect that is because the Rightmove listing is a dog's dinner - inexplicably the main photo is of the lounge but, much worse, the address that is shown prominently before you choose to view the property states that it is in a town around 15 miles away. Imagine the real address was "Stevedore Place, Leith, Edinburgh" well for some bizarre reason they've listed the address as "Livingston, Edinburgh, Midlothian" - most people looking for somewhere in Leith would probably not bother clicking a link for a property apparently in Livingston - all very odd.

The buyers for your village are using equity from a bubble in the cities (London most likely) caused by years of too lax lending that had to be propped up by cutting interest rates to record lows, if rates start rising that dynamic is changed. The "mess" is hard working keyworkers on two wages still not able to buy near where they work without HTB/Family Loan/All their savings in the  house pot etc. That is what a housing bubble created with cheap debt does, it makes basic property more unaffordable for ordinary people! The mad rush to buy when the SD holiday kicked in shows that a lot of people can`t easily afford it, they are stretching themselves, and many will be financially hurt if rates rise.

Crashy you are spot on.
cheap debt with expensive houses is awful. It’d be much better if we had expensive debt with cheaper houses. Just like the good old days. The sooner we get rates back at 8% the better, then all those youngsters can spend all their money on interest charges while all those rich savers get all the benefit.


The more we can do to stop people wanting to buy houses the better in my view.

Mortgage rates can move up while savings rates go down (happening now) mortgage rates are not as dependant on base rate as you think.

Crashy you don’t even know what you think, let alone anyone else.

MobileSaver

Crashy_Time said:

MobileSaver said:

Crashy_Time said:

mortgage rates are not as dependant on base rate as you think.

Huh?!?! So why for the last six years have you been banging on about doom and gloom if base rates go up?

What do you think would happen if base rate goes up?

I think mortgage rates will also go up which is why I do not understand your claim that "mortgage rates are not as dependant on base rate as you think". Perhaps you can explain your claim?

jimbog

SpiderLegs said:

Crashy_Time said:

SpiderLegs said:

Crashy_Time said:

MobileSaver said:

Crashy_Time said:

Way too late though, their lending practices have caused the current mess.

What "mess"?

The market is booming around my way; sellers are getting top dollar and buyers can obviously afford those same asking prices.

As of this morning there are just two properties available to buy within a three mile radius of the village I live in:

One came onto the market just a week ago.

The other has been on the market since late last year but I suspect that is because the Rightmove listing is a dog's dinner - inexplicably the main photo is of the lounge but, much worse, the address that is shown prominently before you choose to view the property states that it is in a town around 15 miles away. Imagine the real address was "Stevedore Place, Leith, Edinburgh" well for some bizarre reason they've listed the address as "Livingston, Edinburgh, Midlothian" - most people looking for somewhere in Leith would probably not bother clicking a link for a property apparently in Livingston - all very odd.

The buyers for your village are using equity from a bubble in the cities (London most likely) caused by years of too lax lending that had to be propped up by cutting interest rates to record lows, if rates start rising that dynamic is changed. The "mess" is hard working keyworkers on two wages still not able to buy near where they work without HTB/Family Loan/All their savings in the  house pot etc. That is what a housing bubble created with cheap debt does, it makes basic property more unaffordable for ordinary people! The mad rush to buy when the SD holiday kicked in shows that a lot of people can`t easily afford it, they are stretching themselves, and many will be financially hurt if rates rise.

Crashy you are spot on.
cheap debt with expensive houses is awful. It’d be much better if we had expensive debt with cheaper houses. Just like the good old days. The sooner we get rates back at 8% the better, then all those youngsters can spend all their money on interest charges while all those rich savers get all the benefit.


The more we can do to stop people wanting to buy houses the better in my view.

Mortgage rates can move up while savings rates go down (happening now) mortgage rates are not as dependant on base rate as you think.

Crashy you don’t even know what you think, let alone anyone else.

^^post of the day

Sunsaru

jimbog said:

SpiderLegs said:

Crashy you don’t even know what you think, let alone anyone else.

^^post of the day

I literally have tears in my eyes right now 

Crashy_Time

MobileSaver said:

Crashy_Time said:

MobileSaver said:

Crashy_Time said:

mortgage rates are not as dependant on base rate as you think.

Huh?!?! So why for the last six years have you been banging on about doom and gloom if base rates go up?

What do you think would happen if base rate goes up?

I think mortgage rates will also go up which is why I do not understand your claim that "mortgage rates are not as dependant on base rate as you think". Perhaps you can explain your claim?

Search  for "Bond markets and mortgages" or similar.

Crashy_Time

Back on topic.......What does the seller think of the potential new price OP?