My partner and I are first time buyers and had agreed a price on a property at £62,500 which we thought was a fair price for the house and the area in which we were looking. We have been dealing directly with the owner rather than through an estate agent. I had a baby at the start of the month and we wanted to be in the property before the baby came rather than trying to move after, so we agreed that my partner and myself could move into the house and rent it while convayencing and mortgage went through.
The valuer was out yesterday and valued the property at £52,000, and as we were looking for 90% LTV it means we now can't get a mortgage to cover the whole of the sale agreed price.
Just unsure of what to do, we don't want to continue renting, the thought of moving house again fills me with dread, I can't see the owner dropping another £10,000 off the house, and we certainly don't have the cash to make the difference up.
It would be easy to walk away from the sale only being out the cost of the valuation, but we're actually living in the house and have invested in it already. I swear, once I buy a house I'm not moving or changing mortgages for the rest of my life, its a massive pain in the behind.
The valuer was out yesterday and valued the property at £52,000, and as we were looking for 90% LTV it means we now can't get a mortgage to cover the whole of the sale agreed price.
Just unsure of what to do, we don't want to continue renting, the thought of moving house again fills me with dread, I can't see the owner dropping another £10,000 off the house, and we certainly don't have the cash to make the difference up.
It would be easy to walk away from the sale only being out the cost of the valuation, but we're actually living in the house and have invested in it already. I swear, once I buy a house I'm not moving or changing mortgages for the rest of my life, its a massive pain in the behind.