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house valued slightly less than offer

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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 

Comments

  • ACG
    ACG Posts: 24,551 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    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. 
    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.
  • Limerman90
    Limerman90 Posts: 6 Forumite
    First Post
    Update - offer has been made for the full amount we were hoping for, we could have bridged the gap but thankfully all is well
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