Hi everyone! I am new to this but would like some advice/information if anyone can help me ?:)
So me and my partner are buying a brand new home which isn't yet fully built.
We are doing the help to buy equity loan..
My friend who is buying on the same plot of us has had there house valued £10000 less than the asking price of the house.
They aren't doing the help to buy, however the bank have stated they will not give them the full amount of money due to the house not being valued at this amount. So they have to find £10000 to buy their house.
My question is,
Because we are buying a house at 165000 with the help to buy equity loan bringing our mortgage down to 123000 will the bank value our house on the 165000 or the 123000 price we are asking for?
If the bank value are house less than the asking price how will this effect us as we are after the equity loan? Will we have to pay the difference?
I hope this makes sense :)
Thank you for anyone who replies
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