| Comment | Nobody's stopping you putting the offer in but it won't be accepted unless the seller is desperate. Good conveyancing solicitors would advise you against it because they know you'd be wasting your time.
Your mortgage will only be approved up to the HR value and you normally need to bid above that in cash to secure it. An example would be HR value 100k w/ 10% deposit. A reasonable/competitive bid would be anywhere between 102.5k-110k so anything you pay over HR comes from your own money too. Say you bid 105k, you'd need your 10% deposit plus the extra 5k over HR. So 15k in cash. This varies depending on the property price e.g., higher HR value will command a larger bid over HR value to be competitive.
This is a general rule and obviously subject to market conditions. I think property sales have slowed recently due to mortgage approval rates dipping and high rates of interest. You could get lucky, but it's unlikely. |
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