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2nd Valuation
cassi_2
Posts: 3 Newbie
Hi,
I'm sorry this question is going to sound a bit basic.
I've applied for a mortgage and all was going smoothly till the valuation happened. The valuation showed the house was structurally unsound and with the amount of work needed no-longer viable to buy. I've got a secondary property of the same type/price I would now like to buy instead.
The question is what happens know. Does the lender do another valuation or do I need to apply for the mortgage all over again or do I have to arrange a valuation myself privately?
I'm sorry this question is going to sound a bit basic.
I've applied for a mortgage and all was going smoothly till the valuation happened. The valuation showed the house was structurally unsound and with the amount of work needed no-longer viable to buy. I've got a secondary property of the same type/price I would now like to buy instead.
The question is what happens know. Does the lender do another valuation or do I need to apply for the mortgage all over again or do I have to arrange a valuation myself privately?
0
Comments
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Advise the lender that the first property has fallen through
You will need to give them the new property details
They will then need a survey done on the new property, so they will need to take payment of the valuation fee again
HTHI am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, 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
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