Mortgage issues undervalued HELP!

dancingboy1989

Hello!

I am a first time buyer me and my fiancee are currently half way through buying a 1 bedroom apartment in nice area on central line.

All was going smoothly after being in sort of a bidding war got the flat for £228,000 which after seeing property on the same estate sell for that a week earlier thought this seemed reasonable.

As we are doing a 95% mortgage with the Halifax they had previously given us a MIP for £230,000 and everything was going well until the survey, survey had no major issues other than some double glazing units had failed and the electric box needed changing but they have valued the property at £212,000 so will only lend us around £200,000 so now we have to some how find the rest because the seller is not keen to negotiate on price again.

What is your advice? can I challenge the survey valuation? the properties around this area just are not available and when they are they are sold so quickly for a lot more money.

lee111s

Do you have evidence of similar properties that have sold for more in the last 6 months within say 1/4 or 1/2 a mile of where you're buying?


You could use these to show the lender that the house worth more than what they have valued it at.


The other option is to try another lender.

dancingboy1989

I will try and find the property that is 12 doors away and maybe send that to them to see what they say could that help? Cannot really try another lender as have already paid mortgage set up fee

Malmo

Lenders may use the same or similar panel of surveyors, so you have to be very careful if opting for a different lender - don't assume the other lender will commission a different surveyor.

lee111s

As above, I should have mentioned that. Apologies!


You'll probably need a bit more evidence than one property I'd imagine to make any decent case.

Thrugelmir

dancingboy1989 wrote: »

All was going smoothly after being in sort of a bidding war got the flat for £228,000 which after seeing property on the same estate sell for that a week earlier thought this seemed reasonable.

Was that the offer price or the actual recorded price at the Land Registry. As there's nothing to say that this purchaser obtained a mortgage at this valuation.