We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Considering lower my offer due to mortgage rates increase, is this a reasonable excuse?
Comments
-
@Troy_af please let us know what you decide to do and the outcome.0
-
And so does the need to increase the price due to mortgage rates for the onward purchase yada yada....Sarah1Mitty2 said:So having read all that I think that the biggest shake up to mortgage rates for well over a decade is more than a reasonable excuse to re-negotiate.3 -
Not really, because if rates are increasing the onward purchase is likely to be down-valued.TheJP said:
And so does the need to increase the price due to mortgage rates for the onward purchase yada yada....Sarah1Mitty2 said:So having read all that I think that the biggest shake up to mortgage rates for well over a decade is more than a reasonable excuse to re-negotiate.1 -
Op, I'm all for reducing an offer, but you're not in a position to buy, unless I've missed something?2
-
You do see the flaw in your logic right? The OP would then have to reduce their house that they are selling because it is now worth less yada yada. The increase in rates have at this point no bearing on the house value.Sarah1Mitty2 said:
Not really, because if rates are increasing the onward purchase is likely to be down-valued.TheJP said:
And so does the need to increase the price due to mortgage rates for the onward purchase yada yada....Sarah1Mitty2 said:So having read all that I think that the biggest shake up to mortgage rates for well over a decade is more than a reasonable excuse to re-negotiate.3 -
If you were my buyer you'd be taking a walk .
I've not long sold personal house number 19 & many, many more for business. I refuse to deal with people like OP .
I prefer no chain buyers & if mortgaged they will need to provide a hefty deposit. If the buyer starts messing me around I re-market ...so far apart from my last one when buyer backed out at exchange but then came back on board not long after(still didn't sell to them )
As I said before you are now not proceed able as you haven't sold so a bit of a pointless post really0 -
TheJP said:
You do see the flaw in your logic right? The OP would then have to reduce their house that they are selling because it is now worth less yada yada. The increase in rates have at this point no bearing on the house value.Sarah1Mitty2 said:
Not really, because if rates are increasing the onward purchase is likely to be down-valued.TheJP said:
And so does the need to increase the price due to mortgage rates for the onward purchase yada yada....Sarah1Mitty2 said:So having read all that I think that the biggest shake up to mortgage rates for well over a decade is more than a reasonable excuse to re-negotiate.
That is correct, so both houses transact at lower prices because of rising mortgage rates, you can`t separate values from the level of mortgage rates.0 -
If rates rise prices fall, so yes it’s the right thing to reduce what you’re willing to pay.0
-
The OP has not indicated he is reducing the price of his house.Sarah1Mitty2 said:TheJP said:
You do see the flaw in your logic right? The OP would then have to reduce their house that they are selling because it is now worth less yada yada. The increase in rates have at this point no bearing on the house value.Sarah1Mitty2 said:
Not really, because if rates are increasing the onward purchase is likely to be down-valued.TheJP said:
And so does the need to increase the price due to mortgage rates for the onward purchase yada yada....Sarah1Mitty2 said:So having read all that I think that the biggest shake up to mortgage rates for well over a decade is more than a reasonable excuse to re-negotiate.
That is correct, so both houses transact at lower prices because of rising mortgage rates, you can`t separate values from the level of mortgage rates.
If he did he would then have a smaller deposit for his next one resulting in a higher mortgage needed at the increased rate.0 -
Then he is back to the thread title again, with maybe an even lower offer.sheramber said:
The OP has not indicated he is reducing the price of his house.Sarah1Mitty2 said:TheJP said:
You do see the flaw in your logic right? The OP would then have to reduce their house that they are selling because it is now worth less yada yada. The increase in rates have at this point no bearing on the house value.Sarah1Mitty2 said:
Not really, because if rates are increasing the onward purchase is likely to be down-valued.TheJP said:
And so does the need to increase the price due to mortgage rates for the onward purchase yada yada....Sarah1Mitty2 said:So having read all that I think that the biggest shake up to mortgage rates for well over a decade is more than a reasonable excuse to re-negotiate.
That is correct, so both houses transact at lower prices because of rising mortgage rates, you can`t separate values from the level of mortgage rates.
If he did he would then have a smaller deposit for his next one resulting in a higher mortgage needed at the increased rate.0
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.5K Banking & Borrowing
- 254.4K Reduce Debt & Boost Income
- 455.4K Spending & Discounts
- 247.4K Work, Benefits & Business
- 604.2K Mortgages, Homes & Bills
- 178.5K Life & Family
- 261.7K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards