12/06/2026
Completion day 🏠🔑
This was the longest purchase I’ve had to deal with to date 😅
Story time⬇️
Back on the 8th May 2025, I viewed these 2 x 1 bed apartments which were generating a combined monthly income of £800. As soon as I left the viewing, I phoned up & offered £85k which was the asking price at the time and it was accepted - I was buzzing 👌🏻
Sounds straight forward huh? It was anything but 🤣
First mortgage valuation came back at £66k.. I thought it was a typo at first lol
Second mortgage valuation came back at £70k.. I was thinking how this be right?
At this point I had spent around £2k on mortgage valuations and a few hundred on solicitor fees.
Lenders deemed it as a multi unit freehold block hence the larger than usual valuation fees (in other words they pull your pants down 🤣)
As much as I wanted to go for the third valuation I went against that and decided to try and chip £15k on the agreed purchase price (which tbf was valid given the previous vals).. to no one’s surprise this was rejected and I reluctantly pulled out of the purchase.
The property was re advertised and within a week it had sold to a cash buyer - I was gutted.
In this industry you learn not to dwell on things so I moved on, until i stumbled across the same property come back available a few months later on Rightmove.. so the same day I called up and asked how has this become available again?
The agent made me aware that the ‘cash’ buyer had a mortgage valuation which was down valued to £70k and they no longer wanted to proceed with the purchase..
So I went back and submitted £72k, £2k over what my last val came in at with the thought process of just increasing my deposit to get it over the line.
It was accepted & I was back to being buzzing again 🤣
I then submitted my third mortgage application and this time it came back at £72k..
After all that, I didn’t even need to increase my deposit 😅
400 days later I now have the keys to these apartments & the overriding feeling is one of relief 🤣
God knows how much these flats are actually worth but here’s the numbers ⬇️
PP: £72k
Rent: £800 pcm
Yield: 13.3%
Morale of the story: mortgage fees are a joke 🤣🤣
