M
maison2009
Guest
Hi,
Could anyone assist and advise on the below :
1. I have been advised that the banks do not allow a mortgage if the clawback is less than 20%.
2. City council afford twice properties with more than 20 % clawback but then revalued the property and the clawback dropped down to 12/15%. And then the problems start as the banks do not want to give a mortgage.
3. I was advised that some city council (SDCC) only bring the clawback down but do not revalue on the affordable price originally advised.
Is there someone having the same issue?
It seems that the council provide firstly the clawback and affordable price of the properties which were not revalued during this financial crisis. And they revalue then the property changing only the clawback. The banks do not care about having the clawback down and request the affordable price to be 20% lower than the current market value.
Is there a minimum clawback requested by the City council ?
Thanks in advance,
Could anyone assist and advise on the below :
1. I have been advised that the banks do not allow a mortgage if the clawback is less than 20%.
2. City council afford twice properties with more than 20 % clawback but then revalued the property and the clawback dropped down to 12/15%. And then the problems start as the banks do not want to give a mortgage.
3. I was advised that some city council (SDCC) only bring the clawback down but do not revalue on the affordable price originally advised.
Is there someone having the same issue?
It seems that the council provide firstly the clawback and affordable price of the properties which were not revalued during this financial crisis. And they revalue then the property changing only the clawback. The banks do not care about having the clawback down and request the affordable price to be 20% lower than the current market value.
Is there a minimum clawback requested by the City council ?
Thanks in advance,