Advice on down-valuation

AdrianC

firsttimebuyers2345 said:

LTV is 85% and we wouldn't be able to pay the difference in the valuation in cash. 

LtV is 85% at £580k, so £493k mortgage. At £520k, that would be 95%...

Can you get a 95% mortgage under the government-backed scheme?
https://www.gov.uk/government/news/new-95-mortgage-scheme-launches

If not, perhaps you simply need to look at cheaper properties... £580k is far from entry-level, even in London.

Crashy_Time

lookstraightahead said:

teachfast said:

It baffles me why anyone would want to live and work in London. I get it is busy but the prices to buy are just extortionate. You get a small shoebox for the same money as a decent family house elsewhere. £500k will get a lovely 4 bed detached with plenty of garden where I am. And renting for even more money seems absolutely ridiculous. 

Ok, some jobs can't be done anywhere other than London, agreed. But if you have choice, it seems inexplicable that you would stay.

As for the OP, £700 a month for 3 years is about £25k, so unless you're losing less than that (doesn't seem certain in my crystal ball) I'd stay put or find a cheaper rent to save a bigger deposit for when you move somewhere sensible.

I am from the midlands and back now, but worked in London for years and bought a flat in south London. Best experience work wise ever. Daughter is just about to graduate and the opportunities are greater there, for her industry, she feels. It's not all about size 😜. 

How long ago was that though?