Quote:
Originally Posted by Mark Hennessy
Ok, can someone explain to me
So for a FTB: Hypothetical house for 300k.
Been on the market for a year, developer getting shifty so throws in freebies (kitchen + small car worth 15k) to make bank value the house at say 275k.
Now that the 100% is gone the way of the dodo, banks want 92% LTV so an FTB can only get 253k on this place leaving them to come up with a whopping 47k to pay the developer 300k.
Am I missing something here?
I'm not qualified in building at all but is the developer not making a whopper of a mistake by not lowering the price?
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obviously not the car, but good quality fittings( or are they fixtures) would add to the value of a house. like a kitchen or tiling or floors.