Mortgage Valuations

[Youngatheart00]

Can’t do a poll as not on AIBU!

We are considering offering asking price on our dream property. We will be borrowing 85% LTV as we are limited by the equity in our current home and as we are right on the border I am worried about what happens if the mortgage valuation comes in lower than what we are offering.

There seems to be a fair bit of sales history at or around the price we will be offering but all the properties are fairly unique so it’s hard to tell!

What is peoples experience here (good and bad!) and if the valuation came in lower did you lower the price of your offer and vendor agree or something else?

I've never had a valuation lower than the agreed price on anything I was buying, but it happened on one I was selling. I suspected it though as there was a bidding war and the agent said it was getting to a price houser than any other house had sold on the street, including ones with more bedrooms. The buyer did lower their offer but I countered and I stil got a few thousand more than the valuation.
So I think it's unlikely you will get a lower valuation if priced correctly, however I wouldn't offer full ask straight away, but you know your local market better than me.