backfromoz
Registered User
- Messages
- 24
We agreed a price with vendor 6 weeks ago.
We had the valuation for mortgage which has valued the house at 100,000 less than the price we agreed.
Where does this leave us?
The bank will obviously only lend us what the house is worth.
We are getting a 95% mortgage the LTV ratio wont be increased.
We wouldnt have the savings to bridge the gap but even if we did it wont change what the banks would lend us will it.
Other than re negotiating with the vendor i don't see any other options?
Do we get a second valuation.
Is this problem becoming more common place now that the market is slumping?
We had the valuation for mortgage which has valued the house at 100,000 less than the price we agreed.
Where does this leave us?
The bank will obviously only lend us what the house is worth.
We are getting a 95% mortgage the LTV ratio wont be increased.
We wouldnt have the savings to bridge the gap but even if we did it wont change what the banks would lend us will it.
Other than re negotiating with the vendor i don't see any other options?
Do we get a second valuation.
Is this problem becoming more common place now that the market is slumping?