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09-04-2008, 07:48 | #1 | |
Membership Officer
Join Date: Dec 2005
Location: Maynooth
Posts: 1,116
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Quote:
So for a FTB: Hypothetical house for 300k. Been on the market for a year, developer getting shifty so throws in freebies (kitchen + small car worth 15k) to make bank value the house at say 275k. Now that the 100% is gone the way of the dodo, banks want 92% LTV so an FTB can only get 253k on this place leaving them to come up with a whopping 47k to pay the developer 300k. Am I missing something here? I'm not qualified in building at all but is the developer not making a whopper of a mistake by not lowering the price? |
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09-04-2008, 19:22 | #2 |
IT Officer
Join Date: Sep 2007
Location: Greenwich, London
Posts: 1,860
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We still offer 100% mortgages. [/spam]
But yes, in the situation you describe, the buyer (or, as we're increasingly seeing, the parents) need to come up with quite a bit of funds to get the sale through. |
09-04-2008, 20:43 | #3 | |
Really Regular Poster
Join Date: Dec 2005
Posts: 873
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Quote:
obviously not the car, but good quality fittings( or are they fixtures) would add to the value of a house. like a kitchen or tiling or floors. |
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09-04-2008, 21:25 | #4 |
IT Officer
Join Date: Sep 2007
Location: Greenwich, London
Posts: 1,860
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Yes, sorry should have been clearer. Fixtures and fittings would be included, movables would not.
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