Over home report (Scotland)

Girlisgettingthere

We are about to put an offer in on a house 10k over the home report valuation (home report £270k and we want to offer £280k). I’ve asked my broker if we need to have our 10% deposit as well as an additional £10k for going over home report. She said I only need the 10% deposit of the offered amount (280k) so deposit would be 28k. Are there some lenders who allow this? I’m not sure of who the lender she has in mind is yet. 

user1977

Possibly some miscommunication going on? I've never heard of lenders who will happily accept the price as being the value, if it's higher than the HR valuation.

Caz3121

Not come across that - mortgage LTV is based on property valuation / home report. If your additional funds are not sufficient it may be you go for a 95% deal rather than 90% (so in your case needing £24k (5% + £10k) rather than £38k on 90%

Girlisgettingthere

Thank you guys. I thought the same!