Welcome to the reallymoving forum
Got questions and need some advice? Our forums have answers on everything from choosing the right property, to renting and selling.
  • If this is your first visit, be sure to check out the FAQ by clicking the link above. You may have to register before you can post: click the register link above to proceed. To start viewing messages, select the forum that you want to visit from the selection below.

Announcement

Collapse
No announcement yet.

Vendor's estate agent demanding LTV

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

  • Vendor's estate agent demanding LTV

    We have just had our offer on a house accepted but it is subject to our LTV. Our IFA has told the vendor's estate agent it isn't high but they want to know the actual %. I think this information is personal between me and our lender. We are downsizing. Can someone tell me if they are allowed to demand this information or is covered under data protection.

  • #2
    Re: Vendor's estate agent demanding LTV

    It is reasonable for an estate agent to be able to satisfy the seller that a buyer can obtain a mortgage but I wouldn't have thought the precise level was critical if the IFA has satisfied the agent that you can the mortgage that you need.
    RICHARD WEBSTERwww.rwco.co.uk
    As a conveyancing solicitor I want to be helpful (England/Wales only) but can't accept liability for this.

    Comment


    • #3
      Re: Vendor's estate agent demanding LTV

      As Richard has said, the estate agent has a responsibility to their vendor to check that a potential buyer has the means to proceed with an offer that they have made on a property and asking for details of your mortgage requirements is generally considered to be a reasonable line of enquiry to that effect.

      Often the agent will ask to see written confirmation of an Offer in Principle from a mortgage provider, and in a round-about way this will tell them what your LTV percentage is and how much your deposit funds are.

      It's a shame that they are unwilling to take verbal confirmation of your ability to purchase from your mortgage adviser, but in these difficult times when sales are often difficult and nothing is straightforward it is understandable that the EA is over cautious.
      ____________________________________________
      Property for sale in Torquay

      www.thomasdobner.co.uk

      Comment


      • #4
        Re: Vendor's estate agent demanding LTV

        proof of funding is what they want. LTV is irrelavant.

        Comment

        Working...
        X