I'm currently in the process of moving house, where we have sold our property and are looking to find our next home. We have taken some equity out of our sale, but with savings are still looking at a mortgage within the 90% - 95% LTV band - therefore limiting our options and increasing the rate.
However, one of the houses we have come across appears to be significantly undervalued - it is within our price range as it stands, and we would be able to do it on a 95% mortgage, so affordability is not the question.
We have viewed the property, and despite needing a fair amount of cosmetic work, it seems as though it is on at the price it is due to the owner's personal circumstances - we suspect a divorce and need to sell. We're guessing it's at least £20k under where it should be priced, based on past prices and comparable examples in the area.
When we are looking at mortgages, obviously they are done on an LTV basis, so my question is this - will the lender take into account the fact that the property is worth more than we would potentially be paying, thus adding £20k or so to the value and lowering our LTV by a reasonable amount (saving us a considerable amount of money in the process), or do they only take the lower of real valuation and purchase price?
Thanks
However, one of the houses we have come across appears to be significantly undervalued - it is within our price range as it stands, and we would be able to do it on a 95% mortgage, so affordability is not the question.
We have viewed the property, and despite needing a fair amount of cosmetic work, it seems as though it is on at the price it is due to the owner's personal circumstances - we suspect a divorce and need to sell. We're guessing it's at least £20k under where it should be priced, based on past prices and comparable examples in the area.
When we are looking at mortgages, obviously they are done on an LTV basis, so my question is this - will the lender take into account the fact that the property is worth more than we would potentially be paying, thus adding £20k or so to the value and lowering our LTV by a reasonable amount (saving us a considerable amount of money in the process), or do they only take the lower of real valuation and purchase price?
Thanks
0 commentaires:
Enregistrer un commentaire