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How is PropertySnake.uk important during home purchase?

 

The average price of house in June 2015 in England and Wales was £181,619.

 

Scenario 1:

If a home buyer is considering a purchase price of £180,000 with 90% LTV (typical for first time buyer),  at competitive 2 year fixed rate of 3.38% the monthly repayment mortgage payment would be £800.62 on a typical 25 year mortgage term. The total interest payable would be £78,186.50 over the life of the mortgage assuming the mortgage rate of 3.38% is achieved throughout 25 years.

 

Scenario 2:

Using information and services of PropertySnake.Uk, if home buyer negotiates a purchase price of £170,000; using the same £18,000 deposit and the same mortgage terms, monthly mortgage payment would be £751.20 and the total interest payable would be £73,360.18 over the 25 years. If the home buyer decides to keep the monthly payment at £800.62, the total interest payable would further reduce to £65862.86 and the home buyer would be mortgage free 2 years and 3 months early. Assuming that home buyer is able to contribute £800.62 into a Savings account with no interest, he/she would have £20,015 in Savings in 2 years and 3 months.

 

Therefore in scenario 2 home buyer would be £20,015 better off than scenario 1 with very conservative assumptions. If the interest rates rise during the life of the mortgage and the higher savings interest is achieved in final mortgage free years then the difference would be even higher.

When bought with a mortgage, purchase price of a residential property is one of the most important determining factor for the long term financial outlook. Yet most home buyers do not take professional advice on determining the appropriate value before making an offer for a home purchase.

 

The information and services of property snake could save £000's for a well-informed home buyer. Contact PropertySnake TODAY for an individualised professional evaluation of your property purchase. 

 

Please use the form below and include the full Property address and the offer price you have in mind. We will get back to you with evaluation. Obtain Your PropertySnake.UK Purchase Evaluation report for Just £99.99, Pay Now

What does PropertySnake.Uk Purchase Evaluation report contain?

Purchase evaluation report contains Area guide including the guide for the individual street. It then includes positive and negative aspects of the property in question. This information is based upon various resources including the pictures of the property, neighbourhood information, crime statistics, planning applications, land registry data, etc. This is followed by possible areas of consideration in valuation. Finally there is information on comparable properties in the area and other properties (including properties which have reduced asking prices) on the market currently, and recently taken off the market. At the end of the evaluation report, propertysnake recommends Optimum Offer Prices for three different categories of buyers with description of these categories. PropertySnake purchase evaluation will include a copy of title register of the property in question.

Obtain Your PropertySnake.UK Purchase Evaluation report for Just £99.99, Pay Now

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