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The Knimbies who say No

'low Valuations Hold Back Housing Market'

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http://www.dailymail.co.uk/property/article-1280998/Property-finance-Low-valuations-hold-housing-market.html?ito=feeds-newsxml

.....

A typical example is a reader from South London who paid £176,000 for a house four years ago. After spending £24,000 on improvements and getting three estate agents round, the house was valued at between £200,000 and £216,000 in February. But when the owners tried to remortgage last month, their bank's surveyor put a maximum price of just £160,000 on it.

The couple have a £155,000 mortgage so were rejected for their bank's best-buy fixed rate because it is on offer only to people with at least 20 per cent equity in their homes.

They're now paying the bank's standard variable interest rate and are worried that they will not be able to afford the repayments if interest rates rise - and that if they try to sell, a low valuation will mean potential buyers will not get a mortgage either and will have to withdraw from the deal.

.....

enjoy..

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A typical example is a reader from South London who paid £176,000 for a house four years ago. After spending £24,000 on improvements and getting three estate agents round, the house was valued at between £200,000 and £216,000 in February. But when the owners tried to remortgage last month, their bank's surveyor put a maximum price of just £160,000 on it.

The couple have a £155,000 mortgage so were rejected for their bank's best-buy fixed rate because it is on offer only to people with at least 20 per cent equity in their homes.

They're now paying the bank's standard variable interest rate and are worried that they will not be able to afford the repayments if interest rates rise - and that if they try to sell, a low valuation will mean potential buyers will not get a mortgage either and will have to withdraw from the deal.

mmmwwwahahahahahahahaha

That is all.

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Halifax says they're nearly seven per cent higher than a year ago, while the Royal Institution of Chartered Surveyors is predicting a post-Election bounce, with modest increases expected across most of the country in the next three months.

But mortgage borrowers say this good news isn't yet being reflected in the prices that valuers put on their homes, and that low valuations are jeopardising their chances of getting the mortgage they want, or of moving home.

:rolleyes:

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nelson_haha.jpg a maximum price of just £160,000 on it.

The couple have a £155,000 mortgagesimpsons_nelson_haha2.jpg

This must be happening a lot. I suspect there would be a lot less frustration on this forum if the over-leveraged were more open about the crap they were in.

Not long now ladies & gents....

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nelson_haha.jpg a maximum price of just £160,000 on it.

The couple have a £155,000 mortgagesimpsons_nelson_haha2.jpg

This must be happening a lot. I suspect there would be a lot less frustration on this forum if the over-leveraged were more open about the crap they were in.

Not long now ladies & gents....

The crazy part is they are bleating that a variable rate mortgage may leave them in trouble. So simply put, they had their head in the clouds and thought that interest rates/deals would always stay low, otherwise they would lose the house. Fools and soon they may suffer from their stupidity. People need to learn to budget and work out the worst case scenario for such a large purchase.

Actually, I have changed my mind, people don't need to. They can just stick all their little heads in the sand. Then when it all goes tits up, please don't bore us all with your stories of woe. I for one will be wandering around the party asking about their 'investments'.

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These stories were very common before last year's bounce

Am I right in thinking they disappeared for a bit, or is my perception skewed (I've not been following thinsgs so closely recently)

Hopefully it's true and is a sign of things to come

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I'm going to stick up for the Daily Mail.

This little gem didn't appear in the 'news'paper proper, rather it's in the little pwoperdee pull-out, which doesn't pretend to be anything more than a quasi advertising feature.

So I think it's more or less acceptable.

There, I've said it.

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I'm going to stick up for the Daily Mail.

This little gem didn't appear in the 'news'paper proper, rather it's in the little pwoperdee pull-out, which doesn't pretend to be anything more than a quasi advertising feature.

So I think it's more or less acceptable.

There, I've said it.

Fair enough, I did enjoy reading it too. The world would be a worse place without it, imo.

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Unfortunatlely there are 300,000 hard-working families who are in a similar position, ie could lose their house. But they have not done so, as the tax payer is paying their mortgage at 6.08%, so there was no need for budgeting or common sense.

The government needs to wake-up and stop this nonsense. Currently the fools do not suffer form their stupidity - savers suffer from their own prudence.

You can be sure that the 6.08% is being sized up by Laws....

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  • 140 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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