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Lender downvalued

1 reply

jodesxx · 18/08/2022 13:16

We are remortgaging and lender has downvalued by £10,000 so we have to borrow less. Has anyone been in this situation and tried a different lender who have come back with higher valuation?

OP posts:
YukoandHiro · 18/08/2022 13:21

Not quite the same but lenders are down valuing everything at the moment - we are buying and there's an £80k difference between the lender's value (which is probably right) and what the market actually require to secure the property - it's ridiculous. So we are borrowing against a valuation which is £80k less than we are actually* paying - at our own risk. But this is the only way we could get an offer accepted. We put on over 15 circa asking price offers previously of other properties and they all went 10 per cent over asking and we lost out

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