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Help to buy redemption valuation advice
Cyruson
Posts: 5 Forumite
Hi, we are a couple weeks in into the redemption process on our help to buy loan with Target.
We had a valuation done by our mortgage company and they valued it at one price.
Last week we had a independent valuation done for the purpose of sending to Target, that arrived yesterday and has come in at £10k less
Will that be an issue as the mortgage has be done based on the their own higher valuation?
Our solicitor is away till next week so panicking abit now.
Anyone had this issue?
Many thanks.
We had a valuation done by our mortgage company and they valued it at one price.
Last week we had a independent valuation done for the purpose of sending to Target, that arrived yesterday and has come in at £10k less
Will that be an issue as the mortgage has be done based on the their own higher valuation?
Our solicitor is away till next week so panicking abit now.
Anyone had this issue?
Many thanks.
0
Comments
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If you are remortgaging, they (Target) take only the surveyor's figure done for them.
If selling, they take the higher of the surveyor's figure or the agreed price.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 -
Thanks for the quick response kingstreet.
We are indeed remortgaging as we are on our 4th year of ownership. So hopefully that just means we will just be paying a couple grand less to target.
So far it’s not been a great experience dealing with the redemption. Having read the forum I fear what is to come. I’m sure I will be back with questions.
Many thanks0 -
My fear is that the mortgage company reduce their offer based on the new lower figure done on the help to buy valuation. Even though their valuation said higher?0
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The lender will work from its surveyor's value only.
It will not know about the other.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 -
Sorry to resurrect my old post but we have an update.
As you know we had two valuations kicking about. One done by our mortgage company and one done by our chartered survivor for target hca.
We have today received the redemption certificate from target hca (took 4 weeks). On it it states the fact that the 20% we need to pay is based on a lower valuation. This certificate was sent to our solicitor and in turn is being sent of to the conveyancing company working on behalf of our mortgage lender. Now the mortgage was based on their own valuation they had done by there own surveyor.
I was hoping the mortgage company wouldn’t find out about the lower valuation.
Do you think this will be an issue?0 -
Nope.
Should make no difference. Each party uses its own valuation for its own purposes.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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