evaluations on your property

L

lollops

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Hi,

i was getting my mortgage through IIB, and had to pay 130 for an evaluation. Grand.

I've now decided to go with First active, and my broker told me i need to pay for another evaluation. Is this normal? why cant he use the same evaluation (it was only done 2 weeks ago)

anyone have the same problem??
 
Different banks have different members on their panel, maybe the guy/company that did the original valuation are not on the first active panel.
 
The banks do have there own people to do the valuation. Are you sure you have shopped around for mortgages, we where going to go with First Active but there interest rates have gone through the roof,Haven and EBS are offering better ones, make sure you check with your broker
 
its the brokers job to shop around though isn't it??

the reason i want to go with first active now is because they are offering 100% at fixed rate...IIB have only variable.

the rates change so quickly though, its impossible to just pick one and stick to it. I was going with fixed rate IIB, and then within a week they stopped offering so thats why i changed..i cant keep up!!
 
I went for mortgage approval about a year ago and I negotiated with the Broker to waive the Valuation fee (of €130 at that time). Would this be worth a try? Surely the Brokers are desperate for business at the moment?
 
I'd be surprised given that some banks have cut commissions or are no longer dealing with brokers - in fact quite the opposite, some brokers have recently introduced fees.
 
I have a very good friend working in a mortgage brokers and she is taking care of my mortgage, the standard rate for the valuation is around the 130e mark. Why do you need to get a 100% mortgage lollopops with the affordable housing. I have to only get a mortgage of 80% because the clawback covers the other 20%.And as far as I know thats the way they do it.
 
what??? I never heard of that!!! i need 100% because i dont have any savings for the deposit....i dont know what u mean by the clawback thingy???

My gaff is worth 370, but i'm getting it for 280...thats all i know!!!!
 
lollops, what council are you dealing with some differ

have you got your letter from the council, detailing the value of your house on the open market and the % of clawback you will have.
 
You might want to do a quikc read up on exactly what your gaff will be worth to you should you decide to sell within the next 20 years.


lollops said:
what??? I never heard of that!!! i need 100% because i dont have any savings for the deposit....i dont know what u mean by the clawback thingy???

My gaff is worth 370, but i'm getting it for 280...thats all i know!!!!
Click to expand...
 
DCC - yes i did...clawback is 23.5%, but i thought that was the discount that i got? and the amount i have to pay back when i sell??

whats it got to do with my mortgage???

confused!!!!!!
 
Ok mines with KCC,what I was told is, my house is work 390 on the open market and we got it for 305. I then got a letter off the coucil to say my clawback will be 19.74%,they clawback doesn't bother me because we dont plan to sell anytime soon. Because the clawback is nearly 20% that is taken off the mortgage, thats why I have been told I will only need a mortgage of 80%, as I said the coucils deffer,Most of the banks aren't offering a 100% mortgages, so thats why I was aksing you.

The clawback is like the doposit, you would have had to have a bit of saving for the holding fee and the further payment. But you get them back once the mortgage is sorted. I know its very confusing.
 
and the amount i have to pay back when i sell??
Click to expand...
= clawback, your post made it sound like you weren't aware there was one, but you do so no problems then.
 
so ur getting a mortgage for 390, minus 20%?

whereas I'm just getting a 100% mortgage of 290

works out the same really???
 
yeah, 390 minus 20% (80) is roughly what your getting ur mortgage for.

Its the same but different!!!!
 
OMG, just after getting word back from the bank who did a valuation, there saying the house is worth 360 and the coucil have in there letter 380 so its being over priced, Im waiting to hear back what they can do.

Has anyone had the same problem

I would be very grateful for any feed back, never thought buying a house was so stressful
 
This has happened to lots of people and it is sometimes possible to get the council to revalue the property. If the council only had a valuation done recently it's unlikey that they'll do it again. You are in a stronger position if other people buying there would also request a revaluation. This was the case recently in Dun Laoghaire Rathdown where they knocked 50k off initial valuations - worth noting though that initial valuations were over 6 months old.

20k of a difference isn't too bad. Particularly if you are buying a house that you can see yourself living in for some time. If it's the difference between being able to buy or not I'd still go for it. It just means that your clawback will be slightly higher than it should be when you go to sell in the future, but you're still not losing any money that you've put up. Considering you are protected from negative equity in the future provided your property doesn't fall below the actuall price you are paying you are still doing fairly well.

I expect my banks valuation to fall short by a few thousand too - even with revaluation by the council. It will still represent a discount of about 30% of market value though.

What you have to decide is if the actual discount is worth purchasing under affordable housing or not.
 
The bank said they wouldn't give me a mortgage because its over priced and doesn't fall under the affordable housing agreement, there saying that I should have a mortgage of 288 and not 305, I am so stressed.

Because the council are asking of a clawback of 20%,

I did want this house, as I plan to live in it for a long time, My self and partner q'd all night for this house because it was 1 or 18 being released at the time
 
Hi Carrieann

Sorry you are having so much hassle.

Would be very interested to know if Kildare Co Co would agree to do new valuation and thus reduce the clawback percentage? Have you spoken to them?
 
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