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LTV calc: Lender valuation or purchase price?

2

Comments

  • herbiesjp
    herbiesjp Posts: 8,499 Forumite
    Could also be called a transaction under value by some
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • feisty1
    feisty1 Posts: 1,487 Forumite
    herbiesjp wrote: »
    Could also be called a transaction under value by some

    by some......... insolvency practitioners
  • herbiesjp
    herbiesjp Posts: 8,499 Forumite
    and some mortgage lenders
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • feisty1
    feisty1 Posts: 1,487 Forumite
    herbiesjp wrote: »
    and some mortgage lenders

    Who?........................
  • herbiesjp
    herbiesjp Posts: 8,499 Forumite
    mainstream lenders I deal with
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • herbiesjp
    herbiesjp Posts: 8,499 Forumite
    Irrespective of what it is called though - the simple answer for the OP is yes it can be done

    So now they should search out a good whole of market adviser to help them find the most suitable lender/deal for their circumstances
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • feisty1
    feisty1 Posts: 1,487 Forumite
    herbiesjp wrote: »
    mainstream lenders I deal with

    !!!!!!!!!!!!????????
  • Robert_Sterling_3
    Robert_Sterling_3 Posts: 7,112 Forumite
    andrewmp wrote: »
    It'll be valued at the exact amount you're buying it for.
    The lender gets a valuation for lending purposes.
    This will be the basis of any mortgage offer.
    ...............................I have put my clock back....... Kcolc ym
  • herbiesjp
    herbiesjp Posts: 8,499 Forumite
    feisty1 wrote: »
    !!!!!!!!!!!!????????

    Not sure if you had a problem with my answer feisty1

    Not sure what to make of that response
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • adam_rbts
    adam_rbts Posts: 13 Forumite
    Thanks for the replies everyone. Certainly given me some more questions for my advisor.

    If it's of any further interest:

    Estimated current value: £320k
    Proposed purchase price £240k
    Our deposit £30k
    Mortgage required: £210k

    cheers
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