95% LTV on new build

Dan_Collins_2

Abbey and many other large lenders have sent the big wigs to see the builders big wigs about builder getting real. Droping the deals and having a more realistic price, so we should see this reflect in prices soon.

NeilQuinn

My wife works as a cleaner on a Redrow site, cleaning the showhomes. She was telling me that the sales staff have been telling potential buyers to make any offer & they'll put it forward. They're really struggling with downvaluations & are getting desperate.

Tiddler_2

Consnmattamom,

I'd have thought that you should be ok then.


Neil
I'd have thought most builders are struggling for sales (as are most estate agents). The problem you have with people negotiating and agreeing individual deals is that you could have 2 identical properties at £200k, and 1 person agrees a discounted price with 10% off. This is valued at the purchase price, of £180k. Person 2 comes along and wants a deposit paid deal, so the builder wants to give a 5% discount to £ 190k and 5% deposit paid. Technically same amount of money handed over by the customer, but 1 has to be valued 5% higher than the other.

Valuers used to have a 5% tolerance, but this has been removed in most cases, so makes it difficult!!

consnmattsmom

YIPEE!!!! After all the worry our mortgage has been agreed subject to satisfactory valuation which I already know has been valued at the full purchase price.

Will receive mortgage offer in about 5 working days.