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+--- Thread: Mortgage Advice? (/showthread.php?tid=7735)
Mortgage Advice? - Saraj - 02-05-2019
Well the post office has declined me which doesnt suprise me.
Anyhow thanks for everyones advice !
I will wait till end of year now remember the days when my sister managed to get one with just 5% deposit, oh well.....
Mortgage Advice? - FirebirdPhil - 02-05-2019
^^^ Yea I had 100% on my 1st house - 18 years ago now.......
Mortgage Advice? - parthiban - 04-05-2019
Bit late on this one, but as everyone has said the whole thing has tightened up severely. Many reasons in play, but 10% deposits are really hard to get, because banks are expecting property prices to fall at some point and they don't want to end up with tons of loans worth more than the properties they are secured to.
Interesting how cheap those properties are though, been looking at the US at present for investment property as it's so cheap, didn't realise it could be that low here too. What sort of rent would a property like that get?
Mortgage Advice? - FirebirdPhil - 04-05-2019
Property in Las Vegas had dropped massively recently and yet the economy has picked up there fairly well?
We have the same issue about house prices as we have buyers at one price but the mortgage company's surveyors are down valuing the house to take into account of future property prices - very annoying indeed, also not exactly fair.
Mortgage Advice? - parthiban - 04-05-2019
2tongues Property in Las Vegas had dropped massively recently and yet the economy has picked up there fairly well?
We have the same issue about house prices as we have buyers at one price but the mortgage company's surveyors are down valuing the house to take into account of future property prices - very annoying indeed, also not exactly fair.
Yep Las Vegas has lost a fair bit but I'm worried that's a bit risky - could be a good buy though. Been looking at quite a few different places though as there are bargains to be had all over the place, have already bought one bargain condo in Florida and looking to pick a few more up over the next few years if I'm able to
That doesn't seem fair at all, it's fair enough banks not wanting to lend higher than a certain percentage due to potential future prices, but surely a surveyor should only be providing the current value of the property? They can't devalue something based on speculation that it might be worth less in future, that's really stupid and can understand it must be very annoying!
Mortgage Advice? - FirebirdPhil - 04-05-2019
well we had a survey yesterday and haven't heard the result yet. I hope its better then the last one - that knocked 8K off the price of the house. Even with comparable houses to show we are asking the top end of what its worth - but still what its worth. We will see.
I have budgeted for the worst case scenario anyway!!
Mortgage Advice? - parthiban - 04-05-2019
2tongues well we had a survey yesterday and haven't heard the result yet. I hope its better then the last one - that knocked 8K off the price of the house. Even with comparable houses to show we are asking the top end of what its worth - but still what its worth. We will see.
I have budgeted for the worst case scenario anyway!!
That sort of explains then why the estate agent recommended to only go with buyers with a 15% deposit, because if the surveyors are devaluing the property there needs to be enough in there for the loan to still be provided.
Good luck with it, hopefully it works out!
Mortgage Advice? - FirebirdPhil - 04-05-2019
well the hard part is done - got the 10 year multi entry B1 visa. Once the UK affairs are completed we can take our time sorting out the rest of the jigsaw.
Mortgage Advice? - parthiban - 04-05-2019
2tongues well the hard part is done - got the 10 year multi entry B1 visa. Once the UK affairs are completed we can take our time sorting out the rest of the jigsaw.
Good point, I can't imagine getting a US visa was particularly easy!
Mortgage Advice? - FirebirdPhil - 04-05-2019
Not as straight forward as we hoped, I will do a "blog" thread once we have got further down the route.