House Devalued ? Help

[Superstar41]

Hi there

I’m in the process of purchasing a shared ownership property @ 40%

We offered on the property the full asking price £250,000 (£100,000 for the 40%) however a mortgage valuation was done last week and they’ve come back today saying the property is only worth £230,000 (£92,000)

I’m incredibly stressed and upset because unless the vendors and housing association drop the price, the bank won’t give us the mortgage (Brexit and COVID I think have caused the drop, also I think the estate agent marketed the property too high) I was told by my advisor it doesn’t matter who values it as most surveyors talk it would only be valued @ £230,000

Anybody been in this situation?

Thanks

In all honesty I would not buy a property at the moment with such a small deposit. We did buy but it is a forever home and mortgage free, so if the market falls whilst on paper we loose money, it doesn't really matter even if circumstances mean we have to sell for unforeseen circumstances, whereas with a mortgage you can find yourself in negative equity

I feel there will never be a right time to buy, the market can always fall and rise again, unfortunately I don’t have the funds to buy a property outright - I want to get on the property ladder as I’m sick of renting!

Did you get anywhere OP?

Superstar41 Tue 12-Jan-21 20:43:25
@Terminallysleepdeprived not a silly question, putting a 10% deposit down into the £100,000 (or so we were) unfortunately not, the houses where I live are pretty expensive, 2 bed houses around here are around £220,000 and with LTV rates being so up in the air at the moment wouldn’t be possible

So lucky you can't buy a studio around here for that, cheap not expensive!! I saw a studio last year for £225 grand, it was basically my kitchen, narrow and long, with a 10' extension on it & a bed settee. Its all relative isn't it. 2 beds for £220 grand sounds amazing to us!