Buyers' valuation lower than offer

(4 Posts)
Frenchplait Mon 14-Nov-16 22:13:49

We're in the process of selling our house. Our buyers' valuation is £2500 less than their offer. We're happy to proceed with the sale, and have accepted the loss. We already have the mortgage offer for our new house, and will top up the the extra money from our savings.

Do I have to let our lender know about this change? We don't need to borrow the extra, the original mortgage offer was slow coming through, and I don't want to delay things if possible. Thanks.

YelloDraw Mon 14-Nov-16 22:25:39

You don't need to tell your mortgage company, just your sol might ask you for proof of funds and their source.

LeninaCrowne Tue 15-Nov-16 07:34:52

I thought that the valuation was what the mortgage company was willing to lend on the property. It doesn't mean you have to drop your price to them.

YelloDraw Tue 15-Nov-16 09:02:47

No but to progress the sale and morning go back to market you might have to if the buyers don't have any additional cash to put in, or if it pushes them into a higher LTV bracket.

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