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Mortgage offered even though the bank’s survey downvalued the property

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  • Mortgage offered even though the bank’s survey downvalued the property

    Wondering if anyone else has experienced this...

    I ended up in a bidding war for our dream house after originally offering the full asking price of £149,995. I eventually won the bidding war with an agreed offer of £163,300.

    I submitted my mortgage application via a mortgage advisor. The survey for the bank was complete this week and my mortgage was offered! However... the survey also downvalued the property.

    It is my understanding that if a property is downvalued then the buyer has to either renegotiate the price with the vendor or come up with the rest of the money themselves. However it appears the bank is still willing to lend me the full amount requested.

    My mortgage advisor said she has never seen this before! The property needs loads doing to it but has so much potential and is in a desirable location. I am guessing (and hoping) that once all the work is done it will be worth a lot more money.

    Has anyone ever heard of this happen? Would people still consider renegotiating the price given it has been downvalued?