noshiela wrote:Thank u so much for the advice, hope it works out.. have another valuation booked next week.. can I suggest what price I'm happy with to the valuer?
A lot will depend upon what reason you gave them for a valuation. If you are getting a free one from an estate agent wgho thinks you are planning to sell, tell them you are looking for a quick sale. If you are paying for one you can be more open -- but they will still value at market value. Remember not to "pretty up" the property as you would normally do when selling !
85% LTV = £127,500 x 45% = £57,375
Less £49,000 = £8,375
I would use those figures to argue no equity clause trigger then base the offer on the remaining payments only ( no extra 12 months).
Assuming they calculate things the same way, they should agree to put the offer forward.
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