Mortgage - house valuation issue

SteveSS

****Many apologies - somehow I've managed to double post. Please delete/ignore this thread. Thanks

Hi all,

Recently made an offer on a house in a desirable location where few houses come to market. All was going well until today when the valuation came back lower than expected.

Offer accepted was £225k, valuation came back at £200k. We are first time buyers and therefore require a 90% LTV mortgage, meaning we can now borrow to a max of £180k through this particular lender - Virgin Money. The company instructed to do the valuation was Connells.

Our options now are to go with a different lender or pull out as we don't have the capital to fund the difference. The difficulty being we've already had one credit search done to get this far and presumably there's a risk that we'll end up with the same company/person doing the valuation again.

Has anyone had any experience of this that could provide some advice please? The house is ideal for us so am willing to consider other lenders, however nned to weigh the risk of applying for a mortgage twice in a short space of time and the same surveyor being enlisted.

Thanks

Thrugelmir

Negotiate on the price. £25k (10%) is a sizable down valuation.

Walk away and continue to save your deposit.

Alternatively lower your expectations for your first purchase on the ladder.