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FTB valuation advice
ibz75
Posts: 117 Forumite
Hi,
Just wanted some advice/information on lender valuation. Have been offered a FTB 90%LTV from Halifax. Had an offer of 95K accepted on a property which was selling for 100K (reasonably priced due to beneficiaries of deceased wanting a quick sale). My mortgage offer was for 85K (excluding deposit) subject to valuation.
Would the house have to be valued at 95K+ for the mortgage to be accepted, or 85K+ ???
Also, I have heard some lenders/surveyors are de-valuing properties to protect themselves from being sued?
Sorry if the answer is simple:p
Just wanted some advice/information on lender valuation. Have been offered a FTB 90%LTV from Halifax. Had an offer of 95K accepted on a property which was selling for 100K (reasonably priced due to beneficiaries of deceased wanting a quick sale). My mortgage offer was for 85K (excluding deposit) subject to valuation.
Would the house have to be valued at 95K+ for the mortgage to be accepted, or 85K+ ???
Also, I have heard some lenders/surveyors are de-valuing properties to protect themselves from being sued?
Sorry if the answer is simple:p
0
Comments
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The house should be valued at £95k, the agreed sale price. If it was valued at £85k and the market dropped slightly, the lender would have no equity to get their money back should you default and they had to sell.0
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