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Old 03.10.2012, 21:45
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Re: Mortgage questions

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I prefer smaller banks that don't insist on the 20%, that rings alarm bells for me. Either the property is not a good buy, or the bank is inflexible and doesn't understand that this really is the property deal of the year. The smaller banks will negotiate on properties postcode by postcode. Being a foreigner, not understanding the subtleties of the local market, that expertise means a lot. You can still put down 20% or more, and get a better rate, but at least you know they were willing to lend more. Better to have the safety margins in case you are ill for a while, loose a job, etc.
Well since the new rules came into force on July first this year you will find it very difficult to find any bank willing to lend you more than 80% of the value of the property.
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Old 03.10.2012, 22:05
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Re: Mortgage questions

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Well since the new rules came into force on July first this year you will find it very difficult to find any bank willing to lend you more than 80% of the value of the property.
The "catch" is we are talking about how much they value the property and not necessarily how much you agreed to pay for it.

Sometimes they give a higher value which then means you can put down less %, other times they value more which means you need to cough up more of your own cash if you want the place. And then again other times (most often?) they agree the purchase price is the value.
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Old 03.10.2012, 22:14
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Re: Mortgage questions

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The "catch" is we are talking about how much they value the property and not necessarily how much you agreed to pay for it.

Sometimes they give a higher value which then means you can put down less %, other times they value more which means you need to cough up more of your own cash if you want the place. And then again other times (most often?) they agree the purchase price is the value.
Yeah I should have made it clear that it was the bank's valuation of the property and not necessarily the price the buyer is actually willing to pay which determines the amount you need to pay up front.

Last edited by Belgianmum; 03.10.2012 at 23:08.
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