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Few issues with RICS report.
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If it’s valued at 230k, the bank will not lend the full amount of 230k they will provide 230k-deposit%. Whether it’s 10% deposit? So you could borrow 230-23=207k. You need to find 73k (you have 52k so you are short by 21k) or renegotiate with the sellers.1
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Two additional options are walk away, or try applying with another lender and hope they think it’s worth a bit more?0
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I understand now, but I didn't know this about valuations. Thanks for the info.Slithery said:Because you can't afford the property you're currently looking at.....
The bank have valued the property at £230k. The maximum they will lend you on a 95% LTV mortgage is £230k x 0.95 = £218.5k. Add your £52k and you get a maximum total of £270.5k which is less than you need to buy the property, and I haven't even included buying costs, moving costs or an emergency fund.0 -
Ah I just missed @slithery’s comment. I didn’t mean to duplicate a response.1
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My buyer's mortgage survey referred to 'beetles', and I knew they were dead for a fact, but they insisted on a damp/timber specialist visiting.£216 saved 24 October 20141
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No worries, at least both of you know what you're talking about. I honestly didn't know the valuation would effect the process, which is naive of myself.Blue_bell_20 said:Ah I just missed @slithery’s comment. I didn’t mean to duplicate a response.0 -
So my next step would be to speak to the vendors EA and see if they will drop the price? but I think this is very unlikely due to them buying the house only 2 years ago for £260,000.
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Or go with a different lender and see if they will value it higher. What do other similar properties go for nearby?1
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Just checked and 3 have sold for around £280-£285, but to be honest they are all semi's with drives etc, this is a end terrace on the main road, without a drive.teachfast said:Or go with a different lender and see if they will value it higher. What do other similar properties go for nearby?0 -
But is it the mortgage valuation that has come in at £230k, or a seperate survey?
If the former, yes you have affordability problems. If the latter, and your mortgage survey is OK, then it's just your appetite for risk.1
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