Is this normal?

richardwilson1984

I have an application in with TSB. They carried out a desktop survey two weeks ago and undervalued the house - we took it on the chin and said fine, we are happy to proceed with the down valuation, which had a knock-on on our LTV but they still offered a rate.

After not hearing much in a week or so, spoke to them today and they said they have booked in an in-person valuation for the property now.

When I explained it had already been down valued by them in a valuation, they told me as we’d accepted their down valuation, this meant a change to the application, so it had to be started over - subsequently another valuation done. 

They said if the valuation comes back matching the desktop, then an offer will be made - but should I be readying myself for them to under value again? 

It seems bizarre. The only likeness I have is you ask me for £20, I say I’ll give you £10, you say ok, and I then say well, let me think about it. 

Just wondered if this was a normal occurrence? I appreciate until it’s signed on the dotted line - and probably exchanged and completed - that the banks will do as they please, but seems odd.

Wren14

This happened to me with Nationwide. They did a valuation but then there was a very slight change to my deposit amount so it changed the terms of the mortgage (although the LTV stayed the same). They then treated it as a new application and did another valuation but it came back fine just like the first time. 

princeofpounds

There's no strong reason they would downvalue again. In fact, if they use the same contractor to do it, they'll have the property on their system and be perfectly aware of what they said just weeks ago.

Agree with you it seems rather pointless, but it is their prerogative.

moneysavinghero

princeofpounds said:

There's no strong reason they would downvalue again. In fact, if they use the same contractor to do it, they'll have the property on their system and be perfectly aware of what they said just weeks ago.

Agree with you it seems rather pointless, but it is their prerogative.

First valuation was a desktop one. The new one is a property visit.  If they find anything wrong with the house they could down value it again

AdrianC

moneysavinghero said:

princeofpounds said:

There's no strong reason they would downvalue again. In fact, if they use the same contractor to do it, they'll have the property on their system and be perfectly aware of what they said just weeks ago.

Agree with you it seems rather pointless, but it is their prerogative.

First valuation was a desktop one. The new one is a property visit.  If they find anything wrong with the house they could down value it again

Or they may decide that, actually, they were too harsh - and increase the valuation.