Morgage Approved

jenks48

Safe'n'Sound said:

MovingForwards said:

If the surveyor values the property lower than your offer you can appeal it if there's evidence to support a higher valuation, make up the difference yourself or find another property to buy.

Barclays wouldn't turn round and say 'the property is valued at £100k, but as we've made a few mistakes along the way it's ok we will lend £200k" (can't remember what your offer is, but you get the idea).

The property has to be sufficient in value to repay the loan in full, if they repossess the property in the future. Obviously, they don't know what the value will be in the future.

Unless I'm missing something here, why is 'offer the valuation price' not the first option? The most obvious scenario seems to have been omitted from the options! Like I said, forgive me if I've missed an obvious point.

I'm confused how it all works too.. all I know my application was approved pending valuation. Ltv of 65% ..
Just going to have to wait it out. 

MovingForwards

Safe'n'Sound said:

MovingForwards said:

If the surveyor values the property lower than your offer you can appeal it if there's evidence to support a higher valuation, make up the difference yourself or find another property to buy.

Barclays wouldn't turn round and say 'the property is valued at £100k, but as we've made a few mistakes along the way it's ok we will lend £200k" (can't remember what your offer is, but you get the idea).

The property has to be sufficient in value to repay the loan in full, if they repossess the property in the future. Obviously, they don't know what the value will be in the future.

Unless I'm missing something here, why is 'offer the valuation price' not the first option? The most obvious scenario seems to have been omitted from the options! Like I said, forgive me if I've missed an obvious point.

I thought I had written that at the start, but I've mentioned it so many times over the last few months 😶

Would be so much easier if there were a few stickies about the process / options as it's one that could happen with any purchase, even pre-virus days!