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  • FIRST POST
    • scottishgirl87
    • By scottishgirl87 6th Mar 18, 7:22 AM
    • 668Posts
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    scottishgirl87
    Paying over Home Report value (Scotland)
    • #1
    • 6th Mar 18, 7:22 AM
    Paying over Home Report value (Scotland) 6th Mar 18 at 7:22 AM
    We sold our flat back in September and have unfortunately have been living with my parents ever since due to pretty much everything in our areas going to a closing date and then selling for 5-10% over Home Report value.

    Am I right in thinking that, for example, if a house has an HR value of 200k but we have an offer accepted at 210k then wed only be able to get a mortgage for (most likely) 90% of 200k? So wed have to pay 20k deposit (10% of HR value) plus the additional 10k in cash meaning deposit of 30k total.

    Hope that makes sense!
Page 1
    • scottishblondie
    • By scottishblondie 6th Mar 18, 7:52 AM
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    scottishblondie
    • #2
    • 6th Mar 18, 7:52 AM
    • #2
    • 6th Mar 18, 7:52 AM
    You are correct, you would need to make up the excess amount above the HR value yourself on top of the 10% deposit for the mortgage based on the HR value. The lender will only offer a mortgage based on the lower of valuation or accepted offer.
    • scottishgirl87
    • By scottishgirl87 6th Mar 18, 9:35 AM
    • 668 Posts
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    scottishgirl87
    • #3
    • 6th Mar 18, 9:35 AM
    • #3
    • 6th Mar 18, 9:35 AM
    Thank you! Thats what I thought but started to think I was wrong...
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