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refused advance
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Oh I see. But would they still do a valuation before making a decision
Lending is based on:
Status: Can you afford the lending
Serviceability: Are you likely to pay
Security: Value and saleability of the property
So, yes - there will be some assessment of the property. Although it need not mean a physical visit by a valuer as it is often done by computer.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 -
Whats a realistic drawdown percentage?
you could have a property worth £500k and a £10k salary so a % of the property value is irrelevant. The maximum will be based on income andaffordability and the maximum the lender is prepared to lend based on that, which will be a different % of value for most people0
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