We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Lenders own market valuation higher than our purchase price?
ellie27
Posts: 1,097 Forumite
We got our mortgage offer papers in the post today and their own market valuation of the property is higher than what we are paying?
Why?
OK, its not a huge amount, £5k.
I would have thought it would have been exact same valuation as what we are paying or even valued at less than what we are paying.
Why is this? Do you think its just a typo?
Why?
OK, its not a huge amount, £5k.
I would have thought it would have been exact same valuation as what we are paying or even valued at less than what we are paying.
Why is this? Do you think its just a typo?
0
Comments
-
Worth a phone call in case it later causes unnecessary delays.0
-
Will get husband to call broker today, thanks!0
-
Very unusual. Definitely call to check it's not an error.0
-
Would be interesting to hear what they say. I'd imagine this only alters your Loan to Value rate. If the valuation was returned saying that the property was worth less than you'd paid, the bank may have a wobble about agreeing to the loan if it brought you over the agreed LTV percentage. (E.g. you apply for a 85% mortgage based on your purchase price, but in reality the valuation shows you need a 90% mortgage)0
-
Loan to value or loan to purchase price are both around 35%0
-
Guess it's just the valuation surveyor being honest. Usually they cover themselves by giving a valuation at or below the purchase price but there's no rule to stop them giving a slightly higher one. It's unlikely to cause a problem since the difference is so small.Changing the world, one sarcastic comment at a time.0
-
Response from broker ........ Providing their valuation is not less than the purchase price, there is no implication on the mortgage. Coventry simply want to know that the property is worth at least the purchase price.0
-
Let's hope the seller doesn't find out
0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.6K Banking & Borrowing
- 254.5K Reduce Debt & Boost Income
- 455.5K Spending & Discounts
- 247.5K Work, Benefits & Business
- 604.3K Mortgages, Homes & Bills
- 178.5K Life & Family
- 261.8K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards