Probably a silly question- mortgage offer

kezzygirl

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 

user1977

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?

TheJP

What they are saying is if it is valued at anything lower than £246,052.63 they will not lend you the money.

kezzygirl

user1977 said:

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?

It's the mortgage offer,for the full amount we have requested 

kezzygirl

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.

Would they still need to carry out the valuation?

MaryNB

kezzygirl said:

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.

Would they still need to carry out the valuation?

They would have carried out the valuation before the offer. Either a desktop valuation or they would have sent a surveyor out.

Is it definitely the offer not the mortgage illustration? I have the exact same wording on my mortgage illustration. 

user1977

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?

kezzygirl

MaryNB said:

kezzygirl said:

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.

Would they still need to carry out the valuation?

They would have carried out the valuation before the offer. Either a desktop valuation or they would have sent a surveyor out.

Is it definitely the offer not the mortgage illustration? I have the exact same wording on my mortgage illustration. 

It is the mortgage offer,along with a mortgage illustration 

kezzygirl

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...

MaryNB

When did your application go in? 
An offer is dependent on a valuation so they must have done a desktop valuation unbeknownst to you.

kezzygirl

Application submitted 13th October,mortgage offer issued 19th Oct. If it helps,we are porting our existing mortgage