HSBC valuation lower!

Process90

tweeto said:

Process90 said:

Most EAs will know that people haven't got the mortgage offer so I wouldn't worry about that. I don't think there would be any harm in asking the EA if anyone has been in contact.

We thought no news was good news with the valuation but it wasn't until we passed underwriting and reached the offer stage that we got told about the property being under-valued. 

What a waste of time that was! You'd think they would contact you straight away if the house was under-valued, as that's always going to be an issue.

That's what we thought but it was mainly because they'd generate us an offer on the property so long as we reduced the loan amount and upped our deposit or we upped the LTV and interest rate in order to give the bank more protection, essentially.

Strange way of doing things but I don't think this kind of decision can be made by anyone other than a senior underwriter - hence why the wait was so long to hear this response.