25 Nov 2009 10:49 AM:
if you signed the private purchase Contract before the economic downturn, its quite realistic that the value of the property has gone down around 40%. I know there are some exceptions e.g. upmarket properties around puerto banus. If you are looking for a 70% mortgage based on the original amount and you get an independant valuation carried out, I don't think many banks would be mad enough to lend you more than what the property is worth !. So if you have to get 3 refusals, just take your new valuation and apply to 3 UK banks and avoid the developers bank - I presume its your right where you go for your mortgage.
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implications for not completing
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