Buying a house… please help

[Homemover123]

Please help …. We are currently in the process of buying a house , vendors have accepted offer for asking price £179950 , we have a deposit of £75000 , the house was being valued this week , I am worried that it will get down valued as needs updating inside , but we’re happy with this , could a doe valuation prevent us from having our mortgage offer ???? So confused with the whole thing x

Unlikely
If the agent has valued correctly it will have taken the required updating into account
You have paid asking price, not a wildly inflated offer so should be ok

Are they doing a full valuation including inside or a roadside one based on area & room/plot size?

Unless it has no bathroom and kitchen at all and is classed as unliveable..?

Yes we’re having a valuation instructed by lender and a home buyer survey , it has everything needed to move in , the house is only about 20-30 years old but seem to have all the original fittings

It'll be fine! I bought this house last year and it was valued under 50k of what we were paying because nothing on the road had sold in the last 20 years so it screwed up the average and didn't take into account work done in the house in that time. We just explained that to the bank and they were fine with it. But that's unlikely to happen from the info you've given!

Thanks that’s reassuring, the bank did say that they will offer if the valuation is ok , think I’m
Panicking as this is the 2nd house we have offered on the first was down valued £7000 but bank wouldn’t lend as it needed further surveys , damp & timber reports , and be used it may have had structural issues they gave me the option of continuing or finding another property, which we have

You can always check up sold prices on Zoopla. It's not 100% accurate but as the house is 20-30 years old and the decor matches the age, Zoopla will show a guesstimate based on properties in the area that have sold over the last few years.
I've just bought a house (last year) that's 40yo-ish and definitely had a decor to match. To save time and money in the future, I've had it rewired with lots more sockets included, and new heating & hot water put in as it also needed plasterwork doing. It also had lots of loathesome Artex so I'm now down to decorating which I can't wait to finish!
Good luck with your purchase and move x

Given the size if your deposit, it's very unlikely the bank will down-value. As I understand it this is more likely to happen where there is a high LTV.

So as an example, what if the survey said the house was worth £170,000 , would
The lenders drop £10,000 off the amount they would borrow??

Future tip for if this fall's through - get the bank to do a valuation survey and instruct a homebuyers survey seperately. Banks frequently do 'desktop' valuations which can often be more favourable.

No, they won't offer 10k less as long as they feel they can get the mortgage back. So for example, our house was valued at £425k and we had offered £435k, we had a deposit of £165k. The bank were fine lending to us because the loan to value ratio was still above 75%

Unlikely. Plus your £70k deposit means it would have to be significantly undervalued to cause any issues to the mortgage.

Thanks for the replies just have to sit and wait now

Update : house is valued at purchase price , so mortgage offer confirmed , waiting for enquiries to come back now , hopefully it’ll
All be sorted then and we can exchange

Lovely, enjoy your new home