Gutted! Should I offer lower?

RJM90

So just spoken to my mortgage provider and they said the mortgage in principle will be £10,000 less than first thought because I can’t include my child benefit money (£196 a month) in the extra income from government because it will not be given for the duration of the loan term. Instead of lending £171,000 they can only lend £161,000

The gutting thing is we are due to view a property in the morning and if we liked it we’re planning on offering asking price of 189,995.

It seems there’s quite a bit of interest. Due to the information given from mortgage provider we can now only offer £184,000 max (putting our extra savings in for an 87.5% LTV). Do you think we should just go for it and see what happens? Should we offer lower in the hope they might ask us up a bit or are we wasting our time? 

RJM90

we were* going to offer the asking price, not we are.*

hazyjo

Obviously. It's very close to asking price.  I'd offer a grand less to give you slight wriggle room.

What's your position though? Selling? FTB?

RJM90

hazyjo said:

Obviously. It's very close to asking price.  I'd offer a grand less to give you slight wriggle room.

What's your position though? Selling? FTB?

Ours is going on the market this week. It’s shared ownership and expecting it to be snapped up.

I wasn’t sure if someone would definitely just offer asking price and putting a lower offer would just be pointless. If I could share links I would but I believe it’s already reasonably priced with no reason to really knock it down. I guess all I can do is go for it!

cymruchris

If you've only got £X available - you can't offer more than you have - if they say no - it'll be a disappointment - but you'll then have to keep on looking for something that's more budget friendly. There's no harm to ask though - just speak to the EA - explain that your budget maximum is absolute at £X and that you really, really like the property - and then hope for the best. Don't give all the detail of not getting a big enough mortgage because of not counting child benefit though - just keep it simple and see where it goes. 

Redwino222

No harm in trying a lower offer.

di you think you might get over asking price for your house? This could give you a bit more to Play with.

moneysavinghero

Don't offer more than your maximum. No point, the lender wont change their mind so you will just end up messing everyone around and will lose whatever you spend on surveys and searches etc.

eve824

You don't know what your total budget is until you've sold your house, surely?

RelievedSheff

You are not proceedable so I wouldn't expect any offer you make to be accepted.

meeemee

It might take longer to sell your house than you think, don’t think it’s worth even worrying about until you sell your house and know if it’s still available and how much you can afford!

mistrihelen

You can only offer what you can afford, so you don't have much choice. Also, if someone offers the same but they've already sold, they will be seen as more proceedable. Good luck!