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valuation Help Please

tfa
Posts: 9 Forumite
Hi,
And little new to the mortgage scene but I have a valuation question. We recently got an AIP and then found a massionette to buy. The price is 215000. We asked the bank for 193500. They are now doing a valuation next week and I wanted to know what figure they look for. Are they looking for it to be worth more than the 193500 we are borrowing or the 215000.
Cheers.
And little new to the mortgage scene but I have a valuation question. We recently got an AIP and then found a massionette to buy. The price is 215000. We asked the bank for 193500. They are now doing a valuation next week and I wanted to know what figure they look for. Are they looking for it to be worth more than the 193500 we are borrowing or the 215000.
Cheers.
0
Comments
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As the loan to value influences the risk to the lender and the product you can have, the lender is looking for the property to be worth the agreed price and to be suitable security for the mortgage in question.I am a mortgage broker. You 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. Please do not send PMs asking for one-to-one-advice, or representation.0
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The mortgage will be based on the valuation. So if the valuation comes back lower than your offer, your LTV will go below 10% and you may not qualify for the 90% mortgage, you might have to switch to another deal (if you qualify).Changing the world, one sarcastic comment at a time.0
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Ah okay that makes sense. Our worry was the property had a 66 year lease that is now being extended to 156 so the property was originally on lower than the final offer0
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