We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Revaluation
CFSL_82
Posts: 1 Newbie
Hi Everyone,
FTB here, so not sure if anyone can provide advice on the below.
We put an offer in on a property in July which was accepted. Our mortgage valuation devalued the property by £5k, so we went back and negotiated it with the sellers, to which they agreed. We received our mortgage offer at this point and proceeded as normal. There is a disused mine entry located in the adjoining properties back garden which all parties were aware of and for which all reports and surveys have been submitted to the lender in July. Fast forward to today and our lender has completed a second valuation on the property (as the first expired??) and they have now revalued it at the original price of +£5k!
My question is, can they now do this? They have told us that as this will affect the LTV, we would now need to choose a new mortgage product! We have negotiated with the sellers to take less (as directed by the lender) in July and had an offer at 3.4% for 5 years, which no longer exists now. Surely if the sellers have agreed to sell at the agreed price, we should be able to go ahead with our original offer and mortgage deal?
Thanks
0
Comments
-
So you're saying that the mortgage company are now saying the property is worth £5k more than they said previously - which is £5k more than you're paying.
A higher valuation can't introduce a problem with the LTV limit - that could only happen if the second valuation was lower than the first valuation.
It's more likely to be that your original mortgage offer has expired, so you've had to apply again - and the mortgage deal you had previously is no longer available. And the current deals are more expensive.
1 -
Yes, the banks will want people on to the more expensive deals as quickly as possible.0
-
Seems strange, did the mortgage offer expire?
Seems the previous product you had has expired and now they are putting you on a new product (higher interest rate)
Normally new valuation does not get done, previously £5k undervalued and now £5 overvalued.0
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.2K Banking & Borrowing
- 253.6K Reduce Debt & Boost Income
- 454.3K Spending & Discounts
- 245.2K Work, Benefits & Business
- 600.9K Mortgages, Homes & Bills
- 177.5K Life & Family
- 259K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards