BTL, 2 yr mortgage deal ending, trying to sell house - options, help!

snickpan

poppy10_2 said:

snickpan said:

HobgoblinBT said:

Your HMO/former HMO and affordability situation sounds like a house that should be sold at auction.

lols, tried that a year ago, very litttle response until someone offered £420k

Sounds like it's not actually worth £650k then

ah good, someone who knows everything

ACG

If you miss payments even with permission, that will be reflected on your credit report. 

You might be able to switch to a deal with no ERCs but that will come at higher repayments. 

Poppy has raised a valid point though, no need for the sarky response. You have 2 offers for £420k and you think it is worth £650k... Thats not debating over £10-20k, thats over £200k. Have you considered that you might have the wrong value? 

You can re-jig the house and change it from a HMO to a residential home, that might help. But I would be amazed if it will add £200k. 

snickpan

ACG said:

If you miss payments even with permission, that will be reflected on your credit report. 

You might be able to switch to a deal with no ERCs but that will come at higher repayments. 

Poppy has raised a valid point though, no need for the sarky response. You have 2 offers for £420k and you think it is worth £650k... Thats not debating over £10-20k, thats over £200k. Have you considered that you might have the wrong value? 

You can re-jig the house and change it from a HMO to a residential home, that might help. But I would be amazed if it will add £200k. 

Two weeks ago I accepted an offer of £625k, hopefully can cope with standard rate interest repayments till sale goes through.
Two low-ball offers from a couple of tyre-kickers, does not an accurate valuation make.

ACG

True. But all we heard was it went to auction and raised £420k and you received another offer of a similar amount in the space of a year. 

Its easy to see why Poppy and myself thought you might be over valuing it. 

snickpan

ACG said:

True. But all we heard was it went to auction and raised £420k and you received another offer of a similar amount in the space of a year. 

Its easy to see why Poppy and myself thought you might be over valuing it. 

but this wasn't a thread about value of house, was it.  Without even seeing the house, two of you have undervalued it - on a thread about how to survive a few months when a mortgage product has come to an end and my outgoings will shoot up

ACG

You included the information. 

I never undervalued anything, I said Poppy raised a good point and had you considered it could be overpriced (that is quite different to saying it IS overpriced). 

You asked about surviving a few months. You had not sold it in over a year. At the time of posting there was no sign of a buyer. It was a valid point and it was worth raising as you were talking about surviving a few months when at the time all suggestions were that it might be a whole lot longer. 

Glad you have a buyer anyway. Lets hope it valued up ok and the legals all go well.