Topping up down valued property with cash...

[GandTisgoodforme]

Forgive me here, as I am new to this. We offered £310k on a property which was down valued by our mortgage company to £295k. The vendor is only willing to accept £300k. We have savings and will have equity from our sale.

At what stage do we give the sellers the additional cash (I know it'll be through the solicitors)?

Thanks.

You can use a different mortgage company. We had to do this first one said it wasn’t worth the money our mortgage brokers then sent in another one who agreed it was worth it.

Good luck nothing is impossible I’m sure you’ll be able to get the mortgage just with another provider.

Unfortunately it's a bit complicated, we can't use another lender as we are porting our current mortgage. Otherwise we will have a few grand to spend on early repayment fees and extra monthly increase due to more interest. Wish we could do that though.

Speak to your solicitor who should be able to advise you. It may be that you could pay CASH for some things in the house - cooker, curtains, furniture (that may or may not be wanted)

You just transfer the money via bank to your solicitor. They will prob want to see bank statements as proof of where the moneys come from (if the rest is equity from the previous sale).

You lodge the money with your solicitor and they pay it on completion day

You will just send the additional money to your solicitor and it all gets sent on completion (10% on exchange)

You will be sent a completion statement showing the house purchase price, mortgage monies, other fees Inc stamp duty etc. then there will be a balance to pay outlined. If you were selling there may be a balance to be paid to you instead.

Not sure if I have this right but if you have say £100k equity from your sale and was expecting to get £210k mortgage and now valued by building society as 295k, and paying £300k for property. I would think that you get a £195k mortgage and use £5k from your savings plus your £100k equity. The building society are only interested in recovering their loan in case of default and as your loan to value is approx 60% they are well covered.