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Confusion
BarmyBubba
Posts: 122 Forumite
Have received my mortgage offer in the post.
Should there be a report from the valuer, or is that for the mortgage company to keep to themselves?
Reason I ask is because I am buying the house for £122,500. I have got a mortgage for £110,000. The rest of the cash is coming from my dad to help me out - he is buying a share into my house which I will repay as and when I buy a new house.
The valuer obviously agrees the house is worth the £110,000, but my dad wants to make sure the house is worth the £122,500.
Is there any way I can find this out?
Should there be a report from the valuer, or is that for the mortgage company to keep to themselves?
Reason I ask is because I am buying the house for £122,500. I have got a mortgage for £110,000. The rest of the cash is coming from my dad to help me out - he is buying a share into my house which I will repay as and when I buy a new house.
The valuer obviously agrees the house is worth the £110,000, but my dad wants to make sure the house is worth the £122,500.
Is there any way I can find this out?
0
Comments
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Usually, the lender would only agree to a mortgage is the valuer valued the property at the full purchase price (I think), so shouldn't be a problem there.
I would have thought you'd have received a copy of the value though. I know I did when I bought my last house. Am interested though, as wondering if will get a valuation when buying my next house?!0 -
I also received a report but direct from the valuers.0
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I think (!) if you only pay for the basic valuation then you are paying for the mortgage company to have the property valued - it is not your valuation - it is the lenders and as such you aren't necessarily entitled to a copy. Some lenders probably give you a copy out of courtesy, others save the postage.
If you pay for the homebuyers report (next level up) you are paying both for the lenders valuation and a more detailed report for yourself. The lender still gets their one page report with a value on it, but you get a load of detail about the state of the house.Adventure before Dementia!0 -
Thanks. I have contacted Birmingham Midshires to see if I can have a copy. I will let you know what they say.
Also, anyone find it strange how The Halifax refused me a mortgage because they said I was too high a risk. Yet Birmingham Midshires have given me one.
That might not sound strange, but given that Birmingham Midshires is "a division of Halifax PLC" I am quite annoyed. Especially as I am going to be paying back £40k more than the mortgage I was going to be getting with The Halifax.
Is it a con just to get extra money out of those who they say are risky borrower?0
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