Mortgage valuation and brexit

lumoke

Hello,
Does anyone know how quickly a bank would adjust to the changing market for their mortgage property valuation? As in, if the valuation was to be done now vs a few days after the referendum and values dropped because of outcome of the vote.

Would the valuations differ from this week to next week?
Thanks

hazyjo

No, it's not happened before.


Could be a month, could be 5 years, nothing might change.


Search the forum for 'Brexit' as there's lots of talk about it on other threads.


My guess - nothing will change overnight. I think people will start selling again despite the outcome, despite what others say.


Jx

davidmcn

Mortgage valuations aren't going to be adjusted unless and until there is evidence of market values having changed (e.g. other people having completed purchases at lower prices). It's possible that the banks will change their mind about how much they want to lend, and on what terms, but nothing is going to happen overnight.

Davesnave

Even in the last Crash, values didn't fall overnight; they took some months to show after the Northern Wreck debacle.

phill99

Not one single person in this country knows the outcome of the referendum. On that basis not one single person in this country knows how a remain or leave vote will affect house prices, taxation rates, wage rates, employment opportunities, etc etc.

Banks wont suddenly stop lending. Houses wont stop being built. Mercedes will still sell cars in the UK and Barbour jackets will still be available in France and Belgium. Britain will not suddenly stop trading. The draw bridge wont be pulled up and we wont be shouting 'There be devils' from the ramparts across the English Channel.

The scaremongering has really worked its magic on you, my friend.