backfromoz
Registered User
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The valuation mentioned above was done by or on behalf of your current (prospective) lender. I presume that other lenders will require/do their own valuation so maybe some of them will value the place higher?How would changing lendors help? Surely ALL lendors will only give you a mortgage based on the valuation.
Yes - of course. But you already said that you don't have the savings to do this! Maybe you cannot afford this house at the asking price?Can we borrow the 95% of valuation price and then pay her more from our savings if we wish.
I'd prefer not to change lender and have to go through the whole process again and were getting a good deal from current lender.
I suppose my question is will the bank lend us 95% of valuation figure if they know we are paying a higher price than valuation?
We have some extra savings but as I said not enough to bridge a 100,000 gap which is why I will renegotiate price.I jst dont think I'll get her down 100,000.Will the bank allow me to make up the shortfall
It was on the banks behalf.It was for market value.
This is a private sale- we approached the vendor to sell as we are renting the property and love the house. The price seemed appropriate 6 weeks ago but a house acrossthe road has not sold after being on the market for 2 months and theyve dropped their asking price by 250,000 since coming on the market-need to sell.So our agreed price was probably a little high. I know we'll have to renegotiate but dont want vendor to think were are trying to mess her around.I suspect she will still want more than the banks valuation-it there anyway we can finance the shortfall ? the bank obviuosly will only lend 95% of what valuation is.
Unfortunately not as nice.A bit smaller, needs a lot more work done and garden doesn't compare.
But surely you ARE overstretched?!stretched ourselves but not over stretched.
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.
By the way - surely the gap is €100K plus 5% of the valuation price? If the price already dropped by €250K from the original asking then I presume that this house must be costing well in excess of €1M so 5% of the valuation could be something like another €50K!?Can we borrow the 95% of valuation price and then pay her more from our savings if we wish. I do plan to renegotiate but 100,000 is a big gap to bridge.
But surely you ARE overstretched?!
By the way - surely the gap is €100K plus 5% of the valuation price? If the price already dropped by €250K from the original asking then I presume that this house must be costing well in excess of €1M so 5% of the valuation could be something like another €50K!?
Strangely enough I've an emotional attachment to large amounts of money and would be very reluctant to part with it.Unfortunately weve become emotionally attached to this house .
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