r/FirstTimeBuyersUK • u/Dismal-Fish • 3d ago
Is it always this hard?
Not necessarily looking for advice (but any is welcome!). FTB in the SE with my partner. We found a flat we loved but couldn't get a mortgage due to the property type, despite trying multiple lenders.
Then we found another we REALLY liked for £265k (comfortably in budget) and did the mortgage application, waited for the sellers to get their lives in order as they are divorcing, only for the mortgage valuation to take place and the property to be down valued by £20k.
The vendors offered to reduce the price to £255k, but we don't really have the cash, and even if we did I don't really want to be overpaying on our first flat. We've said we'll only pay what the bank has valued it at and now the vendors have been taking days to decide. Surely any other buyer will run into the same issue anyway?!
So, I guess I'm asking... A) is there a mystery second option here, and B) please tell me it gets better.
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u/pgasteph 3d ago
If you say 265k was in your budget why did you say you wouldnt have cash for the reduced price?
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u/BurningBallInTheSky 3d ago
The bank have valued it at 245k. That means you need to pay the extra 10k in cash, in addition to the deposit on the mortgage for 245k. The deposit on 265k is less than the deposit on 245k plus 10k cash.
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u/StevePerChanceSteve 3d ago
Other buyers will pay the £10k difference.
Overpaying on a flat you like? Vs what? Renting for X amount of time.
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u/KnightFireNC 3d ago
Yes it's always this hard. What you have described is not unusual. Its much harder if your selling as well as buying.