Mortgage valuation/down valuation question

[Poniesandgin]

Sorry boring but someone might know!

I’m really stressing about my upcoming mortgage valuation. We really need to move and are happy with the purchase and price we are paying and are aware we could end up in negative equity but as we plan to never move again we want to go ahead anyway.

Estate agent valued the property at £225k.
We agreed a purchase price of £210k.
We are putting down a deposit of £10.5k (5%)

Does this mean the valuation has to come in at the full sale price of £210k for them to agree the mortgage
Or would the valuation be anything over £200k would be acceptable as we are paying £10k off in deposit?

The property needs work but I am assuming the estate agent valued it at £225k knowing this and it would be more once the work is done.
Can’t wait till this is all over and I hope I’ve made sense

The valuation has to come in at £210k or above.

The valuation has to be at least 210k so that you are putting down 5%. Have you checked with the provider that a 5% mortgage is still available as I know a few providers have put them on pause at the moment and are only offering from 10% plus

£210,000 or above. If it comes back lower you should be able to challenge it by researching recent sold prices in the area.

Thanks all.

My mortgage has already been approved it’s just been hold for months due to Covid. I don’t need to reapply just get a valuation. I won’t be able to change providers though as this one only stands because I applied and was approved in February!!

The property is a strange one because there has been no other sold in the area for a while. It’s location is it’s main selling point but the actual house needs renovation (boiler, some roof maintenance etc)

The vendor can’t drop from £210k so I’m praying it comes in at that or the whole thing is off and I will loose all of the solicitors fees etc as we are ready to complete now. It’s all gone in backwards order due to Covid