Lender (Santander) requesting a second valuation?

Yk777

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 

Serve_the_Servants

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_Servants

If you google ‘Times down valuation’ the top result should be a Times
article from
September about these situations. 

K_S

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.

RelievedSheff

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.