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Rebuild/reinstatement value?

[Deleted User]
[Deleted User] Posts: 0 Newbie
Fourth Anniversary
in Mortgages & endowments
Nationwide have updated my online application with a rebuild/reinstatement value, this is not the market value for mortgage purposes is it? They haven't put anything about the actual value! Another night in limbo :(

Comments

  • [Deleted User]
    [Deleted User] Posts: 0 Newbie
    Fourth Anniversary
    Can anyone help?
    Thanks.
  • davidmcn
    davidmcn Posts: 23,596 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Not sure what your question is? The reinstatement value is not the market value, it's what it would cost to demolish and rebuild the property on the site. Are you wanting to know the market value?
  • kingstreet
    kingstreet Posts: 39,351 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    When the valuation is received the rebuild cost is noted.

    Then the valuation is assessed and if acceptable, the final checks are done and the offer issued.

    Next message you get will be "valuation assessed and acceptable."
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, 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. Please do not send PMs asking for one-to-one-advice, or representation.
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