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Monday, June 15, 2020
The best new design, from African arcade games to art you can smell
News and design stories from around the world, including seven-inch singles designed by artists and hardware fit for a gallery
Everything you need to know about new products, innovative projects and creative thinking for the coming months. From art you can smell and glasses you can’t hear to new ways to navigate your city in the post Covid-19 world
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Sunday, June 14, 2020
Can you get a mortgage on a house being sold below market value?
A friend has the chance to buy a £400,000 house in Brighton for £215,000
Q A close friend of a friend of mine has offered to sell him a house in Brighton for £215,000 even though its market value is £400,000.
My friend, who is self-employed and 55 years old, is a first-time buyer renting in London. He currently has a mortgage offer of £215,000 on a one-bedroom flat – also in Brighton – which is in place until the end of June. Obviously, the house is a much better proposition but his mortgage adviser has told him he would not be able to get a mortgage on a property that is not being sold at its market value. Is this true? Buying the house so cheaply seems too good an opportunity to pass up.
CF
A No it’s not true. According to Pete Mugleston of onlinemortgageadviser.co.uk, it is perfectly possible to get a mortgage on a property sold at below market value. He says: “There is an urban myth that to purchase (or sell) a property well below its actual worth may be unethical – or even illegal – in some way. But buying a house well below market value, with or without a mortgage, is generally a perfectly acceptable practice.”
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