property valuation for mortgage

w00519772

i had the result of a mortgage valuation today. I offered £x. The valuation came in at the offer price. I was surprised by this as i thought the valuation might be slightly more.

thinking more about it though, i agreed to buy for £x and the vendor agreed to sell for £x and therefore £x is the market value.

i am interested to hear from others who had their properties valued for a mortgage. Was the valuation up valued, down valued or level with the offer?

Thrugelmir

The surveyor works for the lender. Is the property adequate security for the proposed advance. That's the question.

The surveyor is not being asked for their opinion as to what the property could possibly sell for.

Mortgage offers are based on the purchase price or the valuation if lower.