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    • Househunter2885
    • By Househunter2885 9th May 18, 10:50 PM
    • 1Posts
    • 0Thanks
    Mortgage Probability
    • #1
    • 9th May 18, 10:50 PM
    Mortgage Probability 9th May 18 at 10:50 PM
    Hi I am hoping someone can help.
    We are interested in buying a property it's offers over 170,000 in Scotland.
    It's value is 170,000 according to the home report.
    I would like to offer 190,000 as the houses in that area normally go for much more and a closing date has been set. My question is we have 20,000 for a deposit, will we be approved for a mortgage or will the house value impact our mortgage application. Will the LTV be for the mortgage on completion or the home report value.
    We have a mortgage in principle for 240,000.

    Thanks for reading any advice is appreciated
Page 1
    • Nebulous2
    • By Nebulous2 10th May 18, 7:19 AM
    • 2,215 Posts
    • 1,425 Thanks
    • #2
    • 10th May 18, 7:19 AM
    • #2
    • 10th May 18, 7:19 AM
    LTV will be calculated on the lower of home report value or what you pay.

    So if you offer 190k you will need a 37,000 deposit to get a 90% mortgage or 28,500 to get a 95% mortgage.
    • ACG
    • By ACG 10th May 18, 7:53 AM
    • 18,329 Posts
    • 9,997 Thanks
    • #3
    • 10th May 18, 7:53 AM
    • #3
    • 10th May 18, 7:53 AM
    You could potentially do 90-95% of 170,000 as a Mortgage and pay the additional 3-7,000 over and above the 170k valuation but you would be on a 90-95% LTV.
    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.
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