Mortgage Survey at £15k less! HELP!

Pipistrel

Oh !!!!!!, arent you all doom and gloom merchants.
Look, if you want and are willing to pay you can ask the mortgage company to get a second opinion. I did and the difference between two surveying companies was 30k.

beecher

I agree that the valuer's done you a favour - rather than looking at it as a 'ploy' to stop you getting a mortgage, why not seriously think about the fact that the day you move in you'll immediately be in negative equity unless you revise your offer?

itsnever2lateisit?

The lender is putting up 90%, you only 10% so you will both look at it differently. Remember its your 10% that goes first in a falling market, and in the opinion of the lender has already gone. They have to take a view as to the price they could realise if you defaulted, which os what they have done. I think they have done you a favour, and opened your eyes to what lies ahead. Revise your offer, and find out if the seller is needy or greedy

dunstonh

The estate agent has a responsibility to his/her client to sell the property for the best price they can. The vendor is the client. Not you the buyer. They have to try and get as much out of you as possible.

The valuer is paid regardless of what its valued at. He will look at the property and consider current market conditions and value it accordingly. Prices are dropping quite fast now and have been for over 6 months. Drops are likely to continue so he has probably valued it at a sensible figure.

So, your choice now is find more cash and pay above the odds or go back to the estate agent and say that the property has been valued £30k less and you wish to revise your offer in line with that valuation.