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Help, first time buyer
Comments
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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
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