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uptherebels

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Saw this add for the Halifax in the paper yesterday. It reads as follows:

""We'll pay half your council tax (up to £1,000). Just move in with a Halifax mortgage.

Product shown available to first time buyers, borrowing up to 60% of the property value or purchase price( whichever is the lower.) Offer is available for loans up to £500,000. A £995 product fee applies.""

Now can someone please explain to me the difference between "property value", and "purchase price"? Secondly, have I got this right? They will pay £1,000 of my council tax, but charge me £995 for doing it?

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can someone please explain to me the difference between "property value", and "purchase price"? Secondly, have I got this right? They will pay £1,000 of my council tax, but charge me £995 for doing it?

1) Property value is the value the surveyor deems the property is worth. Purchase price is the vendor price. That's what I think it means anyway.

2) Yes, its quite stupid isn't it.

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