Got Mortgage Offer, Looking at Key Facts Form what does this mean

Nickuk84

So I got my mortgage offer through today and delighted!


Its a remortgage technically as I am buying out my girlfriends brother, we agreed a fee of 260,000 which I felt personally was really good looking at the houses we had seen.


The valuation obviously went through without a hitch and got the mortgage offer today and I saw one field on it I was slightly unsure of (rest makes perfect sense)


so mortgage is 234,000, for valu 260,000 so 90% LTV


I saw a value of 293,000 under a heading called cover. Its on first page next to tenure 34 years (length of mortgage), just by if leasehold how many unexpired years which is blank as its freehold. just above it has a heading called property insurance company in bold.


I thought potentially its the value the valuers said the house was worth (if it was I am so happy as I got a bargain then) but then just below it there is another column saying mortgage amount/estimated value and that says the 260,000.


I am just trying to work out what that 293,000 refers to, understand everything else on it but that.


Thanks

Bamber19

It will be the valuer opinion on the cost of rebuilding the property were it destroyed

amnblog

Ask your lender or your broker to explain.


You may be looking at one of the new format offers.