house valued slightly less than offer

Limerman90

Hi, I’d appreciate some advice, we’re going through a mortgage application, all good so far though I have noticed the property we have put an offer on for at asking price of £260,000 has been valued by the lender at £258,000. Just wondering if anyone else has had experience with this situation, do they always offer less at the mortgage offer stage even for a slight undervalue? If it was significant then I’d expect it but just asking opinions, thanks 

ACG

Figures like this are frustrating. Who can down value a property by less than 1%? Bonkers! 
It doesnt always happen. You have a few options:
1) Try a different lender, 
2) Renegotiate,
3) Put in the difference (assuming you are at a high LTV),
4) Switch to a different product if it will tip you over a particular LTV banding. 

Limerman90

Update - offer has been made for the full amount we were hoping for, we could have bridged the gap but thankfully all is well