Jump to content
House Price Crash Forum
AndyFTB

MSE - "Ridiculous" valuation!

Recommended Posts

34 minutes ago, AndyFTB said:

http://forums.moneysavingexpert.com/showthread.php?t=5683921

 

She thinks the house is worth £550k.  He has said £435k (she bought it for £425 a few years ago)

I would say he is doing his job and knows what he is talking about.  Popcorn time...

The MMR rules arecausing some fun.

Basically 4 x household income minus any recurring expense.

As long as theres loads if peopleearning 140k with a100k deposut shell be fine.

Share this post


Link to post
Share on other sites
1 hour ago, AndyFTB said:

http://forums.moneysavingexpert.com/showthread.php?t=5683921

 

She thinks the house is worth £550k.  He has said £435k (she bought it for £425 a few years ago)

I would say he is doing his job and knows what he is talking about.  Popcorn time...

I would say. 180k...and they're a greedy xxxx

Share this post


Link to post
Share on other sites
56 minutes ago, spyguy said:

The MMR rules arecausing some fun.

Basically 4 x household income minus any recurring expense.

As long as theres loads if peopleearning 140k with a100k deposut shell be fine.

Blimey just did a Google check on MMR , things have changed, no self cert and the lenders have to check you can afford the loan.

S24 is going to be the least of their worries.

Share this post


Link to post
Share on other sites
1 minute ago, frederico said:

Blimey just did a Google check on MMR , things have changed, no self cert and the lenders have to check you can afford the loan.

S24 is going to be the least of their worries.

I know.

Verified household income minus any regular expenditure.

Mr + Mrs AboveAverage - Car loan or two (2k/y), holidays (2k), kiddy care (2k), utils (1k), petrol (3k) = - 10k spend.

Him 30k, her 12k = 32k - 10 = 22k x 4 = 90k max mortgage.

Stress tested - basically no more than 4 time household income or 30% of after tax income ~ 6% mortgage cost.

 

Share this post


Link to post
Share on other sites
3 minutes ago, spyguy said:

I know.

Verified household income minus any regular expenditure.

Mr + Mrs AboveAverage - Car loan or two (2k/y), holidays (2k), kiddy care (2k), utils (1k), petrol (3k) = - 10k spend.

Him 30k, her 12k = 32k - 10 = 22k x 4 = 90k max mortgage.

Stress tested - basically no more than 4 time household income or 30% of after tax income ~ 6% mortgage cost.

30 + 12 is 42 but I get your point  ;-)

Share this post


Link to post
Share on other sites

The SVR 3.69% to over 4% is a big difference to a two year 1% rate.....plus the fees and charges to remortgage if able to remortgage...things change, jobs change, circumstances change.....house prices are too high.;)

Share this post


Link to post
Share on other sites
39 minutes ago, rollover said:

They are reading this forum :)

Welcome dear MSE poster. I hope you find it sobering learning how to do proper maths from us muppets here.

Edited by anonguest

Share this post


Link to post
Share on other sites
51 minutes ago, rollover said:

They are reading this forum :)

Haha too funny so what do we think it is? 2 bed flat in Tower Hamlets?  1 bed studio in Islington? 2 bed flat in Harrow? 

Share this post


Link to post
Share on other sites
39 minutes ago, opt_out said:

When did tossers start calling mortgages 'products' ?

After they spent too long f00king about on the daily mail money section, and in mortgage advisors' offices.

Jeezus it's hateful when retards call YOU a retard. This is full emperor's new clothes territory, one flew over the cuckoo's nest. It's madness.

Share this post


Link to post
Share on other sites
3 hours ago, AndyFTB said:

http://forums.moneysavingexpert.com/showthread.php?t=5683921

 

She thinks the house is worth £550k.  He has said £435k (she bought it for £425 a few years ago)

I would say he is doing his job and knows what he is talking about.  Popcorn time...

I recall surveyors being sued and the late noughties for over valuing houses for mortgage purposes? He has his own legal obligations.

Share this post


Link to post
Share on other sites
45 minutes ago, opt_out said:

When did tossers start calling mortgages 'products' ?

At I guess it would have been about the same time as everyone else. 

Share this post


Link to post
Share on other sites

Surveyors valueing stuff is useless.

A surveyor can comment o nthe state of the house and say what similar have sold for. Thats it. You dont need a sruveyor with the LR data being open now.

However what the survyor cannot respind to - as they are clueless on finance - is how much credit a household can get. And hat the local job market is going to do in the future.

 

I know a surveyor whos still banging on about xyz house sold for xxx. However, the local market has dropped off a cliff.

Share this post


Link to post
Share on other sites
7 hours ago, Si1 said:

After they spent too long f00king about on the daily mail money section, and in mortgage advisors' offices.

Jeezus it's hateful when retards call YOU a retard. This is full emperor's new clothes territory, one flew over the cuckoo's nest. It's madness.

Its just so inconvenient when reality rears its ugly head and you finally wakeup to your world, a fiscal nightmare of your own creation. Tough. 

Share this post


Link to post
Share on other sites
Quote

Sadly those twits people who understand arithmetic and have a social conscience on HPC have decided to flag this post up for ridicule:

Expect a deluge of non-sensical unhelpful posts from these muppets nop posts because we have tried to warn them but they just wont listen

http://forums.moneysavingexpert.com/showthread.php?t=5683921

 

We all know who the real twits are.


Someone really wants to silence our voice.

Share this post


Link to post
Share on other sites

Also this by the same poster:

http://forums.moneysavingexpert.com/showthread.php?t=5683908

So they can't accept that their capital gains for the last 2.5 years won't cover the move from a £425k property to the £695k cottage they've been "drooling over." The £125k to which they seem so entitled isn't coming any time soon. There have been quite a few below-expected valuations waking sellers up to the new market reality already, this one's at least fortunate not to have it suggest negative equity.

Share this post


Link to post
Share on other sites

A valuation for mortgage purposes will typically come in about 10% below what is generally considered as "current market value". It's as old as the hills and only tends to be an issue when the market hasn't been rising fast for a while (i.e. equity is a little too tight or non-existant to qualify for the best rates).

Edited by Broken biscuit

Share this post


Link to post
Share on other sites
55 minutes ago, wotsthat said:

Of course they are reading this forum, behind all the bravado they are sh****g  themselves on a daily basis.

Majority of them are sticking their fingers in their ears, and humming as loud  as they can when anyone  dares to suggest  property might fall in value, they get very aggressive towards websites such as HPC. You have to undestand them a little, when or if property crashes in value then a lot of their lives will  change for a good few decades or even forever, many will even have to get a proper job

I think there's a couple of people from before 2007 that have trolled this place for a long time.  Just when it looked it was "recovering" they're f**ked again so are lashing out.

It's not one person on here's fault that they are f**ked, they dont seem to get it..

 

if it is the same people from 10 years ago they must be some sort of stupid/selfish/egotistical/mug to be caught twice in the same debt bubble.

Share this post


Link to post
Share on other sites

Sadly those twits on HPC have decided to flag this post up for ridicule:

Expect a deluge of non-sensical unhelpful posts from these muppets

http://forums.moneysavingexpert.com/showthread.php?t=5683921 

A rather hostile response right out of the gate, I suspect there must have been some amout of name calling on both sides in previous callouts between these two forums.

I think that on HPC we should all try to be polite and respectful, that way we might win a few more minds around to our way of thinking, particularly now that most of the lunatic /UKIP fringe have all left to 'the other place' in the great exodus a few months back.

Share this post


Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now

  • Recently Browsing   0 members

    No registered users viewing this page.

  • The Prime Minister stated that there were three Brexit options available to the UK:   40 members have voted

    1. 1. Which of the Prime Minister's options would you choose?


      • Leave with the negotiated deal
      • Remain
      • Leave with no deal

    Please sign in or register to vote in this poll. View topic


×

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.