House valued lower than paying - now LTV too high?

jase888

Hi

We have just had a bid accepted for a house at 200k, its been valued and come back with the valuer saying its worth 186k so as we need to borrow 177k they say the LTV is 95% not the 90% we thought it would be.

I just wondered if we went with a different mortgage provider they would value it closer to the price? A lot of houses in the area are going for 200k price range and its defiantly worth the 200k. We would rather a 90% LTV to keep the monthly costs down and interest rate.

Advice appreiciated

glosoli

Possibly but not guaranteed. It could even be the same surveyor that goes out for a second time.

jase888

glosoli wrote: »

Possibly but not guaranteed. It could even be the same surveyor that goes out for a second time.

ah never even thought of that - would they even go out again if they have already been?
Also will the buyer think we messing them around if we send another valuer around?

Thrugelmir

Did the valuer give any reasons.

ACG

Call the agents and tell them the valuation has come back at £186k...the vendor may renegotiate, they may not but worth a try? If not, then tell them you are happy to pay £200k and will find a new lender to see what comes back. No harm in trying to play it to your advantage.

jase888

ACG wrote: »

Call the agents and tell them the valuation has come back at £186k...the vendor may renegotiate, they may not but worth a try? If not, then tell them you are happy to pay £200k and will find a new lender to see what comes back. No harm in trying to play it to your advantage.

The vendor wont budge im sure as they had a few offers of the same price they just choose us due to position.

Do all lenders say the LTV is absed on the valuers price not what your paying?

And can anyone recommend a lender that may be better was trying Yorkshire Building Society

ACG

If you do not ask, you do not get.

Dont take this the wrong way, but if you were in the best position with a 10% deposit, what position were the other potential buyers in?
Who is to say they will not get a down valuation and not have the option of going to a higher LTV?

Personally I would give it a try. But I understand there is a lot at stake. If you are not prepared to take the risk, then tell the agent what has happened and you are looking for alternative lenders.

amnblog

Why would you want to raise £180,000 mortgage and put in £20,000 on a property that a local valuer is telling you is only worth £186,000?

Renegotiate or find a better deal.

jase888

amnblog wrote: »

Why would you want to raise £180,000 mortgage and put in £20,000 on a property that a local valuer is telling you is only worth £186,000?

Renegotiate or find a better deal.

I think if we go to renegotiate they would take up one of the other sellers, they choose us as our house had just sold.

I get what your saying but from what i've been seeing others in the same area sold for similar its definatly worth it - its a 4 bed detached house with a big garden. At worst we will have to pay the higher interest rate n more per month its not ideal but gonna see what another mortgage valuer comes back with.