Singing Pig

Im currently being told by estate agents that the banks are not lending on BMVs are present. does any one know how true this is  or can recommed who is best to try ?

EA's are good for selling and buying properties but as for them giving advice on what banks will lend, I wouldn't listen to them! Go to the finance section on SP and you'll find some good brokers there who will be able to help you.

That scary to hear that EAs can be so dumb!

"" That scary to hear that EAs can be so dumb!""

 

Gregg- i would have thought that (apart from your "pet-ones")  - you would have sussed this out years ago mate      

 

!!!!

 

 

Banks dont "lend on BMV's" they lend on property.

Where I am, banks will lend the lesser of 70 percent of market value, or what you pay for a property, so if you buy "below market", it doesnt matter. They still will not lend more than 70 percent of what you pay, unless it is your sole home, you will live in it, and you have a very good income to support higher mortgage payments

That's sensible lending.  Why should they lend more? 

 BTW, as banks revert to sensible lending, home prices may well head lower, as speculators with limited cash are squeezed out of the market.  I want to buy property where and when sensible lending (and lower prices) prevail.  That's what I have been doing... buying outside England.

Thanks for the advice guys you mentioned SP whats that???

nigela:

you mentioned SP whats that???

Singing Pig

StillBullish:

.

Where I am, banks will lend the lesser of 70 percent of market value, or what you pay for a property, so if you buy "below market", it doesnt matter. They still will not lend more than 70 percent of what you pay, unless it is your sole home, you will live in it, and you have a very good income to support higher mortgage payments

Where are you based James?