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Probably a silly question- mortgage offer
kezzygirl
Posts: 996 Forumite
Hi everyone
We have had an offer accepted on a house for £275k. Our mortgage has been approved with a 15% deposit.
I have a question about valuation- my paperwork states "valuation of the property assumed to prepare this information sheet:£275000
Minimum.value of the property required to borrow the illustrated amount £246,052.63 if the value of the property is different to the amount shown above you may no longer qualify for this mortgage product.
Does this mean they have valued it at 275? So it has not been down valued?
Probably a silly question,but thanks in advance
We have had an offer accepted on a house for £275k. Our mortgage has been approved with a 15% deposit.
I have a question about valuation- my paperwork states "valuation of the property assumed to prepare this information sheet:£275000
Minimum.value of the property required to borrow the illustrated amount £246,052.63 if the value of the property is different to the amount shown above you may no longer qualify for this mortgage product.
Does this mean they have valued it at 275? So it has not been down valued?
Probably a silly question,but thanks in advance
1
Comments
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Nothing you've quoted says they've carried out their valuation. Is that actually your mortgage offer you're quoting from or some preliminary agreement in principle?1
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What they are saying is if it is valued at anything lower than £246,052.63 they will not lend you the money.0
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They would have carried out the valuation before the offer. Either a desktop valuation or they would have sent a surveyor out.kezzygirl said:
Would they still need to carry out the valuation?TheJP said:What they are saying is if it is valued at anything lower than £246,052.63 they will not lend you the money.
Is it definitely the offer not the mortgage illustration? I have the exact same wording on my mortgage illustration.1 -
The fact they refer to it as an "information sheet" suggests it isn't the offer (or at least that bit isn't). Presumably you've got some other stuff if it's the actual offer?1
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It is the mortgage offer,along with a mortgage illustrationMaryNB said:
They would have carried out the valuation before the offer. Either a desktop valuation or they would have sent a surveyor out.kezzygirl said:
Would they still need to carry out the valuation?TheJP said:What they are saying is if it is valued at anything lower than £246,052.63 they will not lend you the money.
Is it definitely the offer not the mortgage illustration? I have the exact same wording on my mortgage illustration.0 -
There are two pieces of paperwork-the mortgage illustration and the actual mortgage offer which details the purchase price and the loan amount,which along with our deposit makes the full amount.maybe I'm reading too much into it...0
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When did your application go in?
An offer is dependent on a valuation so they must have done a desktop valuation unbeknownst to you.0 -
Application submitted 13th October,mortgage offer issued 19th Oct. If it helps,we are porting our existing mortgage0
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