Mortgage lender valuation - what level are they at now?

barrymoney

Hi -- a quick question. Are lenders valuing houses at, say, 04 /05 levels when they do their mortgage valuation? I mean, is there any point making an offer too much beyond 04/05 levels if the lenders survey will just say its worth less?
Or, since they want 15% deposit, do they still not really try to value houses particularly accurately... :rolleyes:

dannykos

I had an A&L valuation done to try and improve my LTV, and I'd say - if the valuation is anywhere near correct (£5K too low IMO) then prices are currently at Q1 of 2004 levels.

barrymoney

cheers.
I'm still interested to know if lenders are being strict/rigid on this, e.g. if I offered 90k on a house that by 04 levels was 80k, will they stretch it up (like what happened pre-crunch) or be strict? This could be a good FTB bargaining method if lenders simply will not lend above 04 valuations.