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Help! Face losing 20K deposit.
Comments
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This is for ANY deal on a new build apartment - max 75%Is this for the Abbey 5.59%?I am a Mortgage Adviser
You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Sorry but i think your flat is most certainly worth less than 200k when it comes to be valued by a surveyor, so this is going to give you some big problems as if it's only valued at 180k for example then you need to find another 20k+ from somewhere.0
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strongboes wrote: »Sorry but i think your flat is most certainly worth less than 200k when it comes to be valued by a surveyor, so this is going to give you some big problems as if it's only valued at 180k for example then you need to find another 20k+ from somewhere.
Very good point. But this could work in our favour if it is valued higher than 200k.
Why do you think it is most certainly less than 200k? The same spec flat at the same site which was bought off plan for 200k has just sold for 225k. What process do the surveyors use to value a new build? - it's not quite finished being built yet!0 -
Hopefully, but expecting to make profit out of a new build apartment is optimistic, especially when you factor in the current outlook.A similar appartment (same spec etc) has sold for £225 K recently, that's a 25K profit in 2 years.
Running would make us lose our 20K deposit, plus any profit we might have gained from the property. Surely there's a cheaper way out of this?Happy chappy0 -
I dont think you quite understand what i mean, you have agreed to pay 200k right? if it's only worth 180k, then in theory you could only get a 100% mortgage of 180k, this leaves you still needing to find 20k, except that you wont get a 100% so you have even more to find!0
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strongboes wrote: »I dont think you quite understand what i mean, you have agreed to pay 200k right? if it's only worth 180k, then in theory you could only get a 100% mortgage of 180k, this leaves you still needing to find 20k, except that you wont get a 100% so you have even more to find!
Yes I understand. But what I was trying to say is that it could be valued at 220K. Meaning a 75% mortgage will give us more than the 150K already offered.
But the valuation is something I've never considered. If it's valued at 180K then our only option is to pull out and lose the 20K deposit. - I'll update this post with the actual valuation when I get it.0 -
Yes I understand. But what I was trying to say is that it could be valued at 220K. Meaning a 75% mortgage will give us more than the 150K already offered.
But the valuation is something I've never considered. If it's valued at 180K then our only option is to pull out and lose the 20K deposit. - I'll update this post with the actual valuation when I get it.
Just to update. Valuation came back fine i.e. 200K , so that's one hurdle cleared.0 -
Interesting to hear that not all new build apartments are a total disaster.
The trend in valuations seems to be a bit more generous now than a couple of months ago.
Good luck with your purchase.Trying to keep it simple...
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EdInvestor wrote: »Interesting to hear that not all new build apartments are a total disaster.
The trend in valuations seems to be a bit more generous now than a couple of months ago.
Good luck with your purchase.
Why ed what was happening a couple of months ago i mean has anything actually happened yet at all?0 -
EdInvestor wrote: »Interesting to hear that not all new build apartments are a total disaster.
The trend in valuations seems to be a bit more generous now than a couple of months ago.
Good luck with your purchase.
Are you saying valuations are going up? or that they increased the valuation just so that the mortgage goes through?
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