| Comment | So I feel somewhat dumb that I didnt know this, but nobody told me.
You will likely only get a mortgage for how much the valuation in the home report is, it doesnt matter what people will actually pay for it so if you are paying over the valuation (which depending on the market you are in you will absolutely need to to have a chance of getting an offer accepted) you will need to make up the difference added to your deposit.
I was pretty shocked to realise this, I was lucky to be able to make up the shortfall but for all the help for first time buyers etc, this seems like the single most obvious thing preventing first time buyers from being able to get on the market. |
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