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!
Help, first time buyer
Comments
-
Yes but we have 95% agreed in principle. So is that 95% of the agreed price with the seller ?Caz3121 said:
the home report is like a cap on the valuation that the lender will useJmcc142 said:So how does the HR valuation come into it ? If we only require a mortgage for the agreed price with vendor.
eg for £200k home report value and 90% deal
buy for £180k, lender will lend 90% of the £180k (offer price)...you need £18k deposit
buy for £190k, lender will lend 90% of the £190k (offer price)...you need £19k deposit
buy for £200k, lender will lend 90% of the £200k (offer price = HR value)...you need £20k deposit
buy for £210k, lender will lend 90% of the £200k (HR value)...you need £30k deposit
buy for £220k, lender will lend 90% of the £200k (HR value)...you need £40k deposit
etc
in England where Home Reports are not used, the same principal would be applied with a mortgage valuation0 -
Yes. Because the agreed price is lower than the HR value, you can ignore the HR value for everything now.Jmcc142 said:
Yes but we have 95% agreed in principle. So is that 95% of the agreed price with the seller ?Caz3121 said:
the home report is like a cap on the valuation that the lender will useJmcc142 said:So how does the HR valuation come into it ? If we only require a mortgage for the agreed price with vendor.
eg for £200k home report value and 90% deal
buy for £180k, lender will lend 90% of the £180k (offer price)...you need £18k deposit
buy for £190k, lender will lend 90% of the £190k (offer price)...you need £19k deposit
buy for £200k, lender will lend 90% of the £200k (offer price = HR value)...you need £20k deposit
buy for £210k, lender will lend 90% of the £200k (HR value)...you need £30k deposit
buy for £220k, lender will lend 90% of the £200k (HR value)...you need £40k deposit
etc
in England where Home Reports are not used, the same principal would be applied with a mortgage valuation3
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352K Banking & Borrowing
- 253.5K Reduce Debt & Boost Income
- 454.2K Spending & Discounts
- 245.1K Work, Benefits & Business
- 600.7K Mortgages, Homes & Bills
- 177.4K Life & Family
- 258.8K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards