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Mortgage valuation
jxm_2
Posts: 7 Forumite
Hi all
Currently going through the mortgage process for my first home. We had an offer accepted but the bank has valued the property at £10k lower than our accepted offer.
It isn't an issue from a mortgage perspective and the bank has still offered us a mortgage. Shall I be concerned that the valuation is below our offer? I have been advised by my mortgage broker that it was an autovaluation and they didn't actually go and view the house so it is nothing to be worried about.
Any advice appreciated.
Currently going through the mortgage process for my first home. We had an offer accepted but the bank has valued the property at £10k lower than our accepted offer.
It isn't an issue from a mortgage perspective and the bank has still offered us a mortgage. Shall I be concerned that the valuation is below our offer? I have been advised by my mortgage broker that it was an autovaluation and they didn't actually go and view the house so it is nothing to be worried about.
Any advice appreciated.
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Comments
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Can only advise that we had the same - undervalued by approx 10% on an auto valuation. We wanted the house, and nearly 3 years later, we haven't even thought about it. (we've done some improvements anyway so it's worth more if we were to sell now). Unless you plan on selling again soon, it probably isn't worth worrying about if you like the house enough,0
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Ours came in under on a remote valuation too - but didn't take into account the fairly extensive works done by our sellers. This is the issue with remote valuations - they can only value based on what is known about the property - from the front, ours looks completely standard, so even a streetview "drive by" wouldn't have given away the large extension, outbuilding etc.🎉 MORTGAGE FREE (First time!) 30/09/2016 🎉 And now we go again…New mortgage taken 01/09/23 🏡
Balance as at 01/09/23 = £115,000.00 Balance as at 31/12/23 = £112,000.00
Balance as at 31/08/24 = £105,400.00 Balance as at 31/12/24 = £102,500.00
£100k barrier broken 1/4/25SOA CALCULATOR (for DFW newbies): SOA Calculatorshe/her0 -
"£10k" doesn't mean much without us knowing what the value is?1
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Lender probably right if it came to a repossession sale (ie see it from lender's perspective)
Do you want the place or not? Simple choice...0 -
Assuming you have enough deposit to still buy the house at their valuation, then the only issue is going to be the loan to value (LTV) figure which is a big factor in the rates.
So if the figures at the new value cause the mortgage to cross a LTV threshold then you may have to pay something like 0.2% more interest or put in more deposit to get back over the threshold.
What's the bank valuation, your deposit and the sale price?
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