| Comment | Its confusing because the system is batshit insane and as far as I have been able to tell, for absolutely no good reason.
The home report valuation is just some arbitrarily low undervaluation, competative markets have been paying 10-30% over the home report pretty much forever. Things may be selling closer to home report valuations these days but that will only last as long as it takes for the surveyors to start lowering their valuations.
The result of this is that, unlike most other countries in the world where you only need to save a deposit for your mortgage, which is hard enough, you also need to have an arbitrary % on top (that can be quite large, like 30k) in cash in order to be able to buy a house.
The confusing thing about this is there doesnt actually seem to be any need for it, its a part of the system that works far better in England where you can actually get a mortgage for the price the poperty is valued at. |
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