We are FTBs and I think I’m just looking for some reassurance!
We’ve had an offer accepted a bit under asking. This was the minimum the sellers would accept (we initially went in lower and there was some negotiation) and we’re happy with it.
Just had our mortgage appointment over the phone. The lender has downvalued the house slightly - their valuation is about 98% of the accepted offer price. Think somewhere in the region of £4-7k less.
The lender said we could still apply for the same amount of mortgage with the same deposit, it’s just taken our LTV from 72 to 73% so we can still get the same mortgage rate (as it’s not gone over 75).
We know the sellers won’t drop the price any further. We like the house and still want to buy it. It’s probably not our forever home but we can see ourselves staying there for at least 10 years - it’s a 3-bed with a decent garden and garage, with potential to extend in a nice area. We don’t want to lose it for the sake of a few thousand and we don’t think we’ll be losing sleep over this in a few years when it’s only moved our LTV a tiny bit. But we’re aware that difference in price is now money we’re spending to secure the house which we won’t initially get back as equity.
However I would really appreciate any thoughts or advice you may have for me.