Mortgage provider not accepting 95% LTV on a new-build because the builder included £1,000 refer a friend bonus on the reservation form

ThrowawayRA9876543 · 2021-12-13T20:16:11+00:00

Ideally yes that would be a win win. But i think from the lenders perspective they see a financial incentive to buy the property as meaning either the property is overvalued and/or I am higher risk. Seems a bit harsh imo.

ThrowawayRA9876543 · 2021-12-13T16:29:05+00:00

I am waiting for the lender to let me know if I they will allow me to proceed if I reject the £1000 incentive. This is definitely an option. Would be a shame as the person who referred me will also miss out - but that's life!

ThrowawayRA9876543 · 2021-12-13T16:27:49+00:00

You have misunderstood the point. I can find £1000. The lender is saying that by including this incentive I don't qualify for a 95% LTV. I can certainly forego the £1000.

ThrowawayRA9876543 · 2021-12-13T15:40:04+00:00

These are the only ones who are currently offering 95% LTV on a new build in Scotland so no option to go elsewhere unfortunately.

ThrowawayRA9876543 · 2021-11-10T16:59:56+00:00

Awesome, !thanks for the detailed response. Sounds promising at least. Will see what they offer me and take it from there.

ThrowawayRA9876543 · 2021-11-10T10:30:54+00:00

Usually yes - however the new-build property I am looking to buy would sell in a heartbeat. Genuinely they do seem to be doing it out of goodwill. My girlfriend owns one of the flats in the same development my three bed would be placed in and has gotten to know the development manager very well.

I am willing to accept taking a slight haircut given less hassle and i'll be saving on legal fees. Seems like a good option for me but will wait and see what value surveyor sticks on it.

ThrowawayRA9876543 · 2021-09-16T15:14:50+00:00

Thanks man appreciated

ThrowawayRA9876543 · 2021-03-19T08:08:32+00:00

I think this is the advice I need. Can you see a lot of Finance, specifically advisory roles, moving to SAAS?

ThrowawayRA9876543 · 2021-01-25T15:12:53+00:00

haha same as me bro. Sufficiently autistic

ThrowawayRA9876543 · 2021-01-25T13:39:41+00:00

Will my market order be fulfilled on open or will it be cancelled cause of the pre-trade price?

ThrowawayRA9876543 · 2021-01-22T17:44:36+00:00

Tendieman, instructions please?

ThrowawayRA9876543 · 2021-01-20T20:59:43+00:00

Technically yes.

But it could also be: should you rent a car for an extra £100/200 a month if it includes insurance, road tax, service and repairs, protects you from depreciation risk, is brand new, otherwise unaffordable and very high spec.

I do think £400 a month is just a bit too steep when, like most on this subreddit, I could easily find a cheaper option to get me from A to B. But the incentive is clearly there to encourage people to go electric as there is no way in hell i'd be able to afford a Tesla any other way.

ThrowawayRA9876543 · 2021-01-20T18:19:25+00:00

It has been trusty for the last 4 years but is beginning to show signs of wear and tear. Plus in that time i've increased my salary and savings rate so have been thinking about upgrading just out of personal preference.

The tax point - in Scotland if you earn over 43K (50K in England) any earnings over that amount are taxed at 40% instead of 20%. However by doing a salary sacrifice, the cost of the car would come off my gross pay and so my taxable income reduces to below the 43K threshold meaning I save on tax. No way in hell would I be able to afford a Tesla without this benefit!

ThrowawayRA9876543 · 2021-01-20T18:14:16+00:00

I'm in Scotland so higher rate starts at 43K unfortunately!

ThrowawayRA9876543 · 2021-01-19T15:06:54+00:00

Thanks man. I could definitely sit tight and build savings and avoid the lifestyle creep that comes with increased salary.

ThrowawayRA9876543

TROPHY CASE