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Is mortgage valuation ever higher?
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jolester
Posts: 333 Forumite
When a mortgage valuer gives their "valuation" for a mortgage is it generally a
1. "yes, we will lend the amount based on the property" or "no it's not worth that we will lend X amount"
Or
2. Do they actually give a figure?
If that figure ends up being higher than your agreed purchase price can that result in going back to the mortgage lender with a better LTV?
Thank you
1. "yes, we will lend the amount based on the property" or "no it's not worth that we will lend X amount"
Or
2. Do they actually give a figure?
If that figure ends up being higher than your agreed purchase price can that result in going back to the mortgage lender with a better LTV?
Thank you
0
Comments
-
They always give a figure.
The "value" in LTV is the lower of the agreed purchase price and the valuation (assuming it's a normal open market sale), so getting yourself a bargain doesn't help you in that regard.0
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