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Advice please
flight1
Posts: 120 Forumite
I am moving house and was on the phone to Santander tonight. When asked about the value of the house, as we are in Scotland advised home report had valued it at £162000 however we managed to negotiate £150000. I thought when arranging mortgage it would be valued price not purchased price that would be used, however have been advised this is not the case. This means a lower LTV, increasing mortgage from what I thought. Also only been asked to provide last 3 payslips not any loans,visas although I did disclose these. Is this because they can see from your credit report?
Thanks in advance at a stressful time,
Thanks in advance at a stressful time,
0
Comments
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The mortgage will be based on what you are paying for it. As that's what it's worth. Not a notional might sell at price i.e. the valuation.0
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The deal will be based on the lower of the purchase price or valuation - that is the standard way.
Yes, your loans and credit cards balances show on the credit report.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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.0 -
It's only worth what someone will pay for it.
Home Report valuation is a best guess really. The valuer is more inclined to exaggerate the value because vendors see $$ and think "yeah I'll sell with you".
That might be a bit harsh on estate agents I guess but a theory of mine anyway.
What really bugs me is when properties are advertised as ***£xk off Home Report valuation***
Means absolutely nothing.Started out with nothing, still got most of it left.0
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