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Mortgage valuations - how does it work?
jonesydave
Posts: 21 Forumite
Hi all
Reserved our first property on Sunday - woohoo! FTB so this is all new to us
Property price is 229,950, we are getting a mortgage of 197,000 (85% LTV). We are buying off plan so how will they value the property? Secondly will they just have to check that its worth 197,000, or 229,950? I've heard horror stories of mortgage companies pricing properties a lot lower than agreed sale prices for new builds.
Thanks! All help appreciated
Reserved our first property on Sunday - woohoo! FTB so this is all new to us
Property price is 229,950, we are getting a mortgage of 197,000 (85% LTV). We are buying off plan so how will they value the property? Secondly will they just have to check that its worth 197,000, or 229,950? I've heard horror stories of mortgage companies pricing properties a lot lower than agreed sale prices for new builds.
Thanks! All help appreciated
0
Comments
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Lenders don't value properties, they have chartered surveyors do that for them.
They are valuing the property to see if it coincides with the purchase price, not the mortgage amount.
Reserved? Presumably a newbuild then? Using an experienced newbuid broker?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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