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The Bank's valuation is 20% under proposed purchase price
Comments
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Whoops, we're borrowing £395k - £105k is our own deposit towards it.
Yeah, the lender must not think it's worth £600k.
If you've told them you're purchasing it for £500k they were never going to value it above that. Valuations for mortgage lenders are to confirm the property is worth the amount being lent, and they don't give a valuation over that even if it is worth more. In this case, it sounds like they've just agreed it's worth at least what you're paying, and then taken 50k off for the short lease.0 -
Out of curiosity because downvaluations are currently something which concerns me, where in the country are you?0
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Thrugelmir wrote: »Property isn't valued on size alone.
This is supposedly a 25% drop in asking price?
https://m.zoopla.co.uk/for-sale/details/42796503?search_identifier=46cd27fce5acff538a95b8181d8593480 -
Thrugelmir wrote: »Property isn't valued on size alone.
Location probably trumps size in some cases?0 -
Sounds like someone trying to do a concessionary purchase/gifted equity case and the lender wasn't aware of it, or doesn't accept such cases.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.0
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Or someone delusional about the value of their property?0
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