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the bank have valued the property (at last)
the valuation has come back nearly 20% above the agreed* price
is the valuation simply between me and the lender, or do I need to be extra careful that the seller doesn't find out and raise the price accordingly?
*agreed, no financial deposit or pre-contract signed as yet
wholly between you and the lender.
Dont worry about it.
But dont be tempted to get a higher mortgage just because your LTV has headroom though 😀
As above, just between you and lender.
It's a very subjective thing, a different surveyor could easily come back with a figure 10% below the agreed price.
A house is only worth what someone is willing to pay for it.
don't worry I wont, I was gonna get a new bike on interest free anyway
🙂
mums the word eh.
But dont be tempted to get a higher mortgage just because your LTV has headroom though
would be interesting to know if you qualify for a better rate based on that though - in theory your loan-to-value is lower. Less risk for lender, if it gets below their next 'step' you might save money.
I'm actually surprised your mortgage valuer put a monetary value on his survey, I just thought they checked to see it was worth at least what you wanted to borrow (or were paying for it).
I'm actually surprised your mortgage valuer put a monetary value on his survey, I
Mortgage Co's pet surveyor trying to lure you into borrowing more?