FD valuation not as much as expected any ideas !!!

ThriftyBeanie

Yet another thread where I can't believe what I'm reading!

You were seeking a valuation of £155k to borrow 80%. That means a mortgage of £124k.

The valuation returned is £152.5k, 80% thereof being £122k.

So, all you have to do is find £2k. In fact FD will give you an overdraft of £500, so it's only £1,500 you need to find!

I would suggest that if finding £2k is a struggle, then you will certainly struggle to pay the mortgage interest payments of £547 per month (plus repayments / funding a repayment vehicle).

Matt123

That doesn't make much sense - it's not as if he's trying to get a 100% mortgage, he has £31000. How would you suggest he magics up this extra 2k without borrowing it?

ThriftyBeanie

Matt123 wrote: »

That doesn't make much sense

Nor does your comment. You don't need to be Paul Daniels to find £2000.

I have already said how to get the first £500. Doesn't need an awful lot of imagination to find another £1500. 0% CC? Family? Bigger overdraft?

My point, if you chose to read my post, was that if OP has the ability to finance a £124k mortgage, then he must surely also have the financial resources to borrow £2000 and pay it back quickly. If not then he is stretching himself too far with the mortgage.

Matt123

My point was that you seem eager to criticise the OPs financial situation without knowing the first thing about it. Why not just suggest he gets a loan to cover the shortfall, instead of the posting with such condescending undertones?

ThriftyBeanie

Matt123 wrote: »

My point was that you seem eager to criticise the OPs financial situation without knowing the first thing about it.

Matt, you are seriously missing the point.

The fact is, by the use of simple arithmetic, I am able to know the first thing about the OP's financial position.

And, just to spell it out for you again, the first thing that can be gleaned from the OP's post is that he has issue regarding a £2.5k difference in expected valuation, causing a £2k funding problem. Yet on the other hand, taking on a debt for £124k does not seem to be a problem. This is clearly a fundamental contradiction in terms.

Woby_Tide

isn't it easier to just go to the sellers and say here's the valuation, my revised offer is £152.5k? Deposit remains £31k, new mortgage amount £121,500, LTV 79.6%?

Matt123

I understand your point perfectly thank you very much. I just don't agree with it and don't appreciate the condescending approach you take to that fact. i.e. "if you chose to read my post", " let me spell it out for you". Why don't YOU read my post and take it to heart.

neverdespairgirl

Woby_Tide wrote: »

isn't it easier to just go to the sellers and say here's the valuation, my revised offer is £152.5k? Deposit remains £31k, new mortgage amount £121,500, LTV 79.6%?

This seems to be a remortgage, not a buy.

_Andy_

neverdespairgirl wrote: »

This seems to be a remortgage, not a buy.

That was my understanding as well.

ThriftyBeanie

This is a forum for financial discussion. The OP came here for advice, I gave him some. He may like it, he may not. I am absolutely fine with that.

However, I don't much care whether you like it as (a) it is not meant for you and (b) you have not added anything constructive to the thread or offered the OP any opinion of your own.

If my bluntness bothers you, well that’s a shame. Reply if it makes you feel better but I am not wasting anymore of my time on this nonsense.