Near to true value of house??

fitzykev

comeandgo said:

Well, if you have bought it then that’s what it’s worth to you.  You will need to get a rebuild value for insurance.  

Unfortunately after winning the bidding I found out that if the surveyor under values it to what I bid the mortgage lender might refuse the mortgage.  So unfortunately it's not just what it's worth to me. 

Ath_Wat

fitzykev said:

comeandgo said:

Well, if you have bought it then that’s what it’s worth to you.  You will need to get a rebuild value for insurance.  

Unfortunately after winning the bidding I found out that if the surveyor under values it to what I bid the mortgage lender might refuse the mortgage.  So unfortunately it's not just what it's worth to me. 

Well the way you find that out is for your mortgage lender to get their survey done.  When is that happening?

lookstraightahead

fitzykev said:

comeandgo said:

Well, if you have bought it then that’s what it’s worth to you.  You will need to get a rebuild value for insurance.  

Unfortunately after winning the bidding I found out that if the surveyor under values it to what I bid the mortgage lender might refuse the mortgage.  So unfortunately it's not just what it's worth to me. 

This is true. Most people don't understand that when they're buying a house (or selling).

Soot2006

fitzykev, it sounds like you're in that very stressful waiting period where you are emotionally committed to the purchase and therefore now terrified of everything going wrong. This will continue until the purchase is completed (or uncompleted!). Lots more stressors to come ... but try to separate yourself from the things you can't control. If the lender values the bungalow lower than your offer and you don't have the difference, then discuss it with the Estate Agent. They'll either be able to talk their seller into lowering the value, or they'll help you to find another suitable property.

But the value will take into account all the things you mentioned, including how good local schools are, visual appeal, etc ...  We got a very odd valuation paragraph on our lender's survey, including sentences like "unexpectedly nice street" ... Made me think the surveyor turned into the street and thought "oh this is quite nice actually; thought it would be horrid"" ....

fitzykev

Soot2006 said:

fitzykev, it sounds like you're in that very stressful waiting period where you are emotionally committed to the purchase and therefore now terrified of everything going wrong. This will continue until the purchase is completed (or uncompleted!). Lots more stressors to come ... but try to separate yourself from the things you can't control. If the lender values the bungalow lower than your offer and you don't have the difference, then discuss it with the Estate Agent. They'll either be able to talk their seller into lowering the value, or they'll help you to find another suitable property.

But the value will take into account all the things you mentioned, including how good local schools are, visual appeal, etc ...  We got a very odd valuation paragraph on our lender's survey, including sentences like "unexpectedly nice street" ... Made me think the surveyor turned into the street and thought "oh this is quite nice actually; thought it would be horrid"" ....

So say for talk sake I have bid 8 thousand over what are the scenarios to come to a deal? I believe if thats the case the lender will still lend but not as much is thst right? 

Hedgepigs

fitzykev said:

Soot2006 said:

fitzykev, it sounds like you're in that very stressful waiting period where you are emotionally committed to the purchase and therefore now terrified of everything going wrong. This will continue until the purchase is completed (or uncompleted!). Lots more stressors to come ... but try to separate yourself from the things you can't control. If the lender values the bungalow lower than your offer and you don't have the difference, then discuss it with the Estate Agent. They'll either be able to talk their seller into lowering the value, or they'll help you to find another suitable property.

But the value will take into account all the things you mentioned, including how good local schools are, visual appeal, etc ...  We got a very odd valuation paragraph on our lender's survey, including sentences like "unexpectedly nice street" ... Made me think the surveyor turned into the street and thought "oh this is quite nice actually; thought it would be horrid"" ....

So say for talk sake I have bid 8 thousand over what are the scenarios to come to a deal? I believe if thats the case the lender will still lend but not as much is thst right? 

Depends on what your LTV is too. If you have a high enough LTV they might offer the same amount, but at a higher LTV  (which may mean higher interest rates)

fitzykev

Hedgepigs said:

fitzykev said:

Soot2006 said:

fitzykev, it sounds like you're in that very stressful waiting period where you are emotionally committed to the purchase and therefore now terrified of everything going wrong. This will continue until the purchase is completed (or uncompleted!). Lots more stressors to come ... but try to separate yourself from the things you can't control. If the lender values the bungalow lower than your offer and you don't have the difference, then discuss it with the Estate Agent. They'll either be able to talk their seller into lowering the value, or they'll help you to find another suitable property.

But the value will take into account all the things you mentioned, including how good local schools are, visual appeal, etc ...  We got a very odd valuation paragraph on our lender's survey, including sentences like "unexpectedly nice street" ... Made me think the surveyor turned into the street and thought "oh this is quite nice actually; thought it would be horrid"" ....

So say for talk sake I have bid 8 thousand over what are the scenarios to come to a deal? I believe if thats the case the lender will still lend but not as much is thst right? 

Depends on what your LTV is too. If you have a high enough LTV they might offer the same amount, but at a higher LTV  (which may mean higher interest rates)

House bid to £163000 deposit £66000 mortgage £97000. It could be a few thousand over if it is not spot on. 

user1977

fitzykev said:

Hedgepigs said:

fitzykev said:

Soot2006 said:

fitzykev, it sounds like you're in that very stressful waiting period where you are emotionally committed to the purchase and therefore now terrified of everything going wrong. This will continue until the purchase is completed (or uncompleted!). Lots more stressors to come ... but try to separate yourself from the things you can't control. If the lender values the bungalow lower than your offer and you don't have the difference, then discuss it with the Estate Agent. They'll either be able to talk their seller into lowering the value, or they'll help you to find another suitable property.

But the value will take into account all the things you mentioned, including how good local schools are, visual appeal, etc ...  We got a very odd valuation paragraph on our lender's survey, including sentences like "unexpectedly nice street" ... Made me think the surveyor turned into the street and thought "oh this is quite nice actually; thought it would be horrid"" ....

So say for talk sake I have bid 8 thousand over what are the scenarios to come to a deal? I believe if thats the case the lender will still lend but not as much is thst right? 

Depends on what your LTV is too. If you have a high enough LTV they might offer the same amount, but at a higher LTV  (which may mean higher interest rates)

House bid to £163000 deposit £66000 mortgage £97000. It could be a few thousand over if it is not spot on. 

So only 59% LTV. Should be easy enough to borrow the same amount even if the valuation is lower, but as mentioned might be a different product depending on the LTV %. Obviously depends whether you're still happy to pay the same amount!

fitzykev

user1977 said:

fitzykev said:

Hedgepigs said:

fitzykev said:

Soot2006 said:

fitzykev, it sounds like you're in that very stressful waiting period where you are emotionally committed to the purchase and therefore now terrified of everything going wrong. This will continue until the purchase is completed (or uncompleted!). Lots more stressors to come ... but try to separate yourself from the things you can't control. If the lender values the bungalow lower than your offer and you don't have the difference, then discuss it with the Estate Agent. They'll either be able to talk their seller into lowering the value, or they'll help you to find another suitable property.

But the value will take into account all the things you mentioned, including how good local schools are, visual appeal, etc ...  We got a very odd valuation paragraph on our lender's survey, including sentences like "unexpectedly nice street" ... Made me think the surveyor turned into the street and thought "oh this is quite nice actually; thought it would be horrid"" ....

So say for talk sake I have bid 8 thousand over what are the scenarios to come to a deal? I believe if thats the case the lender will still lend but not as much is thst right? 

Depends on what your LTV is too. If you have a high enough LTV they might offer the same amount, but at a higher LTV  (which may mean higher interest rates)

House bid to £163000 deposit £66000 mortgage £97000. It could be a few thousand over if it is not spot on. 

So only 59% LTV. Should be easy enough to borrow the same amount even if the valuation is lower, but as mentioned might be a different product depending on the LTV %. Obviously depends whether you're still happy to pay the same amount!

3. Main features of the loan

Amount and currency of the loan to be granted: £97,000.00

Duration of the loan: 24 years

This illustration assumes that the mortgage will start on 01 September 2022.

This is a capital repayment mortgage where you gradually pay off the amount you have borrowed, as well as the

interest, over the life of the mortgage.

Product Description: 

The interest rate is fixed for 5 years and 1 month to 30 September 2027.

From 01 October 2027, the interest rate varies according to Variable Rate for the

remaining term of the mortgage.

Total amount to be repaid: £166,718

This means you will pay back £1.72 for every £1 borrowed.

This amount is illustrative and may vary in particular in relation with

the variation of interest rate(s).

Value of the property assumed to prepare this information sheet: £163,000

Minimum value of the property required to borrow the illustrated amount: £114,118

This loan will be secured on your home.

user1977

fitzykev said:

user1977 said:

fitzykev said:

Hedgepigs said:

fitzykev said:

Soot2006 said:

fitzykev, it sounds like you're in that very stressful waiting period where you are emotionally committed to the purchase and therefore now terrified of everything going wrong. This will continue until the purchase is completed (or uncompleted!). Lots more stressors to come ... but try to separate yourself from the things you can't control. If the lender values the bungalow lower than your offer and you don't have the difference, then discuss it with the Estate Agent. They'll either be able to talk their seller into lowering the value, or they'll help you to find another suitable property.

But the value will take into account all the things you mentioned, including how good local schools are, visual appeal, etc ...  We got a very odd valuation paragraph on our lender's survey, including sentences like "unexpectedly nice street" ... Made me think the surveyor turned into the street and thought "oh this is quite nice actually; thought it would be horrid"" ....

So say for talk sake I have bid 8 thousand over what are the scenarios to come to a deal? I believe if thats the case the lender will still lend but not as much is thst right? 

Depends on what your LTV is too. If you have a high enough LTV they might offer the same amount, but at a higher LTV  (which may mean higher interest rates)

House bid to £163000 deposit £66000 mortgage £97000. It could be a few thousand over if it is not spot on. 

So only 59% LTV. Should be easy enough to borrow the same amount even if the valuation is lower, but as mentioned might be a different product depending on the LTV %. Obviously depends whether you're still happy to pay the same amount!

3. Main features of the loan

Amount and currency of the loan to be granted: £97,000.00

Duration of the loan: 24 years

This illustration assumes that the mortgage will start on 01 September 2022.

This is a capital repayment mortgage where you gradually pay off the amount you have borrowed, as well as the

interest, over the life of the mortgage.

Product Description: 

The interest rate is fixed for 5 years and 1 month to 30 September 2027.

From 01 October 2027, the interest rate varies according to Variable Rate for the

remaining term of the mortgage.

Total amount to be repaid: £166,718

This means you will pay back £1.72 for every £1 borrowed.

This amount is illustrative and may vary in particular in relation with

the variation of interest rate(s).

Value of the property assumed to prepare this information sheet: £163,000

Minimum value of the property required to borrow the illustrated amount: £114,118

This loan will be secured on your home.

None of that tells us what's the maximum LTV they'll allow for that product.