Been offered a mortgage but the mortgage lender is not willing to share the property valuation?

Gsharp93

As the title says, my girlfriend and I have recently been offered a mortgage with Virgin Finance. We have paid for them to undertake a property valuation and they have done so and subsequently offered us a mortgage for the property. I have asked my solicitor for a copy of the property valuation but unfortunately the solicitor responded with the following:  
"Virgin’s instructions to us are that we are not authorised to release this to you and it is for their purposes only." 
Is this normal practise?
Why would the mortgage lender not allow us to have sight of how much they've valued the property at?
Any assistance on this would be greatly appreciated.

Mani_London

Hi Gsharp93: generally speaking if the house was valued under your offer price they wouldn't have offered you the mortgage as they would have said they would let this amount as per the agreed LTV. So if they have offered what you wanted means house is valued what you are offering.

ACG

The valuation is for the lender - you just pay for it. Some lenders share it and others do not. 
Strange as my mortgage is with virgin and they did send me a copy of mine - although we are talking 4 years ago so they could have changed. 

It is not uncommon to not share it though. 

Gsharp93

Thanks - we appreciate that this is the case. But is it normal? It's frustrating not knowing what the mortgage lender has valued the property at and we can't see any reason why they would withold this information from us?

Gsharp93

ACG said:

The valuation is for the lender - you just pay for it. Some lenders share it and others do not. 
Strange as my mortgage is with virgin and they did send me a copy of mine - although we are talking 4 years ago so they could have changed. 

It is not uncommon to not share it though. 

Okay thanks for that - appreciate it.

Thrugelmir

Gsharp93 said:

It's frustrating not knowing what the mortgage lender has valued the property at 

Sufficient to be adequate security for the mortgage advance. That's all the lender is concerned with. 

Suseka97

Look at it this way - your mortgage lender instructed a valuation and the surveyor would no doubt have been told the offer price.  They've simply confirmed the price you have offered is reflective of the value of the house (in their opinion).  If they had valued it lower than your offer price your lender would have adjusted their offer - so the fact they have not should give you confidence the house is worth what you are prepared to pay.

amandacat

I haven’t had a copy of mine from HSBC, it was just a desktop valuation though.
On my mortgage offer letter it did say ‘assumed property price’ (or words to that affect) which is 9k less than I’ve agreed to pay, I’m guessing this wasn’t flagged up as it hasn’t affected my LTV due to having a large deposit. Did unsettle me a bit though.