Mortgage valuations

timeism0ney

All physical mortgage valuations, including ours (90% LTV) have been put on hold.

Curious to hear about other people's experience with valuations, both physical and desktop ones, in the current market. Are there many more down valuations now, and if so - by how much?

Thanks. 

[Deleted User]

I haven't seen any real down-valuations yet, but there is a backlog (as between official lockdown date and the lenders deciding what to do (and each one taking a a while to decide a slightly different approach) valuations were just 'suspended'), so only a couple have trickled through.

Will be interesting to see what happens when the reports for the backlog come in over the next week or so!

I think as there's still a housing shortage in this country, and FTBs etc. will still want to buy as soon as high LTV/physical vals can undertaken again - I don't think corona will affect it at this stage, as there's no evidence that prices are falling - just some buyers chancing their arm with lower offers.

If it were really sustained unemployment like the US, it'd be a different matter, but that doesn't appear it'll hit us with the furlough scheme

Might be back on here eating my hat in a week if 90% of the pending valuations are all valued lower though!!

Thrugelmir

Somerset_La_La_La said:

If it were really sustained unemployment like the US, it'd be a different matter, but that doesn't appear it'll hit us with the furlough scheme

Hire and fire culture in the US. Very different employment laws. Furlough is only a temporary stop gap. Isn't going to reduce the pain for many. If the crisis is protracted.