Owning your own home

You are reading a single comment by @NickCJ and its replies. Click here to read the full conversation.

•

gillies

getting so frustrating being priced out by folk (mostly developers) with cash to burn above the market value.

My wife and I earn good money and can get a very decent mortgage but when someone offers £20k over the home report value we just can't pull that kind of cash (on top of our deposit) out.

More frustrating to know that we're both earning above the national average - if it is this bad for us, what hope do others have?

•

NickCJ in reply to @gillies

This might be a facile comment, but if many people are willing pay above what the report says is 'market value'... then the report is wrong.

What area are you in as my experience in London recently is almost the exact opposite.

•

gillies in reply to @NickCJ

Maybe in Scotland it is different but the banks up here will only give you a mortgage for the value in the home report.

So whatever you need to match/beat the bids of others above the home report value has to be in cash (as well as 5 or 10% deposit).

About

Avatar for NickCJ @NickCJ started