We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
Debate House Prices
In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non MoneySaving matters are no longer permitted. This includes wider debates about general house prices, the economy and politics. As a result, we have taken the decision to keep this board permanently closed, but it remains viewable for users who may find some useful information in it. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
New build, sellers have changed offer?
Comments
-
All the builders were/are trying to do is massage the land registry figures to imply that the house was worth more - looks good for them when they sell the other houses in the development. If it had been worth the £315,000 then someone would have paid that, with no sweeteners needed.
Exactly. Then some poor soul tries to sell in a couple of years time and wonders why they have instant negative equity.0 -
Deleted_User wrote: »Hi i'm in the process of buying a new build, the original price was £315000, 12.5% deposit, stamp duty paid, ( so we would be paying £275625 )
Now they've come back to us and said no mortgage company will accept the builders 12.5% so they are saying they will drop the price to £291375 and still give us 5% deposit and stamp duty paid, the deal will equate to exactly the same amount and us buying the house at £275625, what do you think about this?
I'm after some advice on what to say next to the builders, as they have devalued my house, something they said they would not do when i first asked about dropping prices off the original value.
Any advice would be greatly received.
How nice is this house? Would it still be as nice in a years time when the price will almost certainly be 15% (£40000) less...
.0 -
Deleted_User wrote: »My only issue is that the first offer meant that with theirs and my deposit i would only be borrowing 71.4% on the mortgage, now i'll have to borrow 77.5% on a mortgage with the reduction they have put on the house which in this current market means not getting as good a rate as i would of done with a 75% LTV mortgage, which i had planned on doing.
Do you think it would be unfair to go back to the builders and ask them to drop the house value further so i would get back to a 75% LTV.
No doubt the builders have been massaging figures to get under the 90% LTV that most mortgages now stipulate - 5% deposit from buyer. 5% from builder. I'm sure that they will happily massage them some more to get your result.
The big question is whether the valuer will agree to their valuation.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.2K Banking & Borrowing
- 253.6K Reduce Debt & Boost Income
- 454.3K Spending & Discounts
- 245.2K Work, Benefits & Business
- 600.9K Mortgages, Homes & Bills
- 177.5K Life & Family
- 259K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards