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Selling a house

  • 03-10-2012 9:52pm
    #1
    LegacyUser
    Registered Users, Registered Users 2 Posts: 166,026 ✭✭✭✭


    My father got a house in the UK back in 2006 for my sister as she was unable to get a mortgage one. He got a mortgage out in Euro and then converted it into pounds to pay for the house. The timing couldn't of been worse, UK prices were at their peak, the pound was strong against the euro and I was too young at the time to advise my father other wise.

    Come the start of this year my father can no longer meet the repayments so he agreed with the bank to only have an interest only mortgage for a year and agreed to sell the house. While prices in the UK have not dropped that much the exchange rate has alone he has lost €40k in a weaker pound. He got two offers on the house and accepted the higher one which was £10k below the asking price. Everything was going fine until the bank that is lending the money surveyed the house and down valued the house by another £10.

    So what would be the best thing to do put it back up on on the market? Take the hit on the further 10k?


Comments

  • #2
    Taltos
    Registered Users, Registered Users 2 Posts: 20,830 ✭✭✭✭Taltos


    OP - this forum is for personal issues. We are not qualified to offer financial advice and any advice offered on this subject may just make matters worse for your father.

    Suggest that he with your help contact a professional who can review his assets, take into account the market in the UK and properly advise on the best course of action.

    Sorry we cannot be of more help.
    Taltos


This discussion has been closed.
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