What to do if your home is down valued, from negotiating a new price to increasing your deposit ⬇️
“With supply of new homes onto the market still well below demand, buyers are also willing to pay more for a property because of the lack of similar alternatives.”
Countryside cited an application made to one large lender where the agreed purchase price was £675,000 with at least ten offers for the property – according to the estate agents – but the valuation was returned at £620,000. “But valuers may have taken a more sombre view and applied down valuations, scuppering mortgage applications reliant on meeting loan-to-value threshold requirements.”
It may be worth going to a specialist mortgage broker who can offer ‘whole of market’ access to both mainstream and specialist mortgage lenders.“Bridging the gap between your agreed price and the lender’s valuation by increasing the deposit is one option, but buyers could also negotiate a higher loan-to-value mortgage, although this would result in a higher interest rate.”Some lenders do allow appeals on the valuation decision.
“We bought our house in Manchester eight years ago. It was a new build and it was on the market for £278,950. We put down a deposit of five per cent and used the Government Help to Buy scheme to raise the 20 per cent deposit to secure it.”
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