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House down valued Lender informed what to do now?

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T9OTE
T9OTE Posts: 18 Forumite
Fourth Anniversary 10 Posts Name Dropper
in Mortgages & endowments
Hi sorry to disturb just a quick question, I offered in a house £310k , unfortunately surveyor down valued the house to £290k , after some negotiation an offer of £295K secured the sale, I informed my broker in order to update mortgage application , so what happens now? what the lender will do? do i need to start another application? the lender is Aldermore .
Kind Regards

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  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    The lender will revise the amount they are prepared to advance. 
  • K_S
    K_S Posts: 6,877 Forumite
    1,000 Posts Fourth Anniversary Photogenic Name Dropper
    @t9ote Depends on the before and after numbers and LTV. If the LTV is in the same band as before, it should be fairly straightforward and shouldn't require the app to be 're-scored'. If the LTV is now worse (and you aren't able to add to the deposit to bring it back to the old LTV), then it may require a 're-score'.

    Your broker should be able to explain the mechanics to you now that you've given them the go ahead at a renegotiated purchase price.

    I am a Mortgage Adviser - You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. 

    PLEASE DO NOT SEND PMs asking for one-to-one-advice, or representation.

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