Lender (Santander) requesting a second valuation?

Mortgage reached completion centre and everything had pretty much been accepted however we’ve been notified that due to market changes the lender (Santander) wants to book another valuation.

first valuation completed in August and it was fine.

is this a common?l occurancd 

Replies

  • Serve_the_ServantsServe_the_Servants Forumite
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    It’s becoming more common now. Prepare for a down valuation situation just in case. Google it and you will see that lenders have been downwardly valuing a lot of properties recently. In response, some buyers have asked the vendors to reduce their selling prices. Or if that’s not palatable, then the shortfall has to be found elsewhere via an unsecured loan etc. 
  • Serve_the_ServantsServe_the_Servants Forumite
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    If you google ‘Times down valuation’ the top result should be a Times
    article from
    September about these situations. 
  • K_SK_S Forumite, Ambassador
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    Yk777 said:
    Mortgage reached completion centre and everything had pretty much been accepted however we’ve been notified that due to market changes the lender (Santander) wants to book another valuation.

    first valuation completed in August and it was fine.

    is this a common?l occurancd 
    @yk777 Quite surprising tbh, especially if it's a standard freehold house. If it was closer to 6 months since the initial valuation, or a new-build/conversion, unusual property, etc. and a high LTV app, I wouldn't think it overly unusual. 

    There might be other reasons in the background such as the valuer firm (or the individual valuer) being reviewed or struck-off, etc.

    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.

  • RelievedSheffRelievedSheff PPR Forumite
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    When we remortgaged last year (albeit in a completely different market) Halifax requested a second valuation on our property as it was about 6 months after the initial application that completion took place.

    It worked in our favour though. The valuer, who was the same one that valued it 6 months previous, valued it at a much higher price and we moved into the next LTV bracket and a much lower interest rate :)

    Sadly probably won't be the case nowadays.
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