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Lender valuation higher than you put on application
sam2015_2
Posts: 196 Forumite
Can mortgage lenders valuation comes higher than the one you put on the mortgage application?
I'm remortgaging my current property to release equity from it. Currently waiting for lenders valuation. Looking at the current property price in the area, I could have put little more for my current property.
If it turn out to be higher than what I put on, would the lender will allow me to take out more of the equity?
Any advise please.
I'm remortgaging my current property to release equity from it. Currently waiting for lenders valuation. Looking at the current property price in the area, I could have put little more for my current property.
If it turn out to be higher than what I put on, would the lender will allow me to take out more of the equity?
Any advise please.
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Comments
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Short answer: it can potentially come back higher than the one you put on the application, and potentially allow you to borrow more. It depends entirely on circumstance and may involve restarting the entire application."You did not pull yourself up by your bootstraps. You were lucky enough to come of age at a time when housing was cheap, welfare was generous, and inflation was high enough to wipe out any debts you acquired. I’m pleased for you, but please stop being so unbearably smug about it."0
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It won't happen, stop worrying about it.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 -
Somehow they like to keep to the low side.
Maybe something to do with re-mortgaging you may fall into the 60% LTV which means a lower rate mortgage.
Just my humble opinion.Looking forward to the day I have nothing left to list on eBay0 -
Ours did (we bought at 215,000; valuer gave figure of 220,000).
Edited to add: although we didn't ask to borrow more, so it made no practical difference.0 -
I remortgaged with them from elsewhere, they gave a figure for their valuation, 20k higher than we'd stated. No surveys etc this was just their calculationsDid the valuation report state the property price or just mentioned that what you put on was correct.
Mine is for re-mortage, not sure it is any different to the purchase when it comes to valuation.Yes Your Dukeiness
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