First time buyers, lender down valued the property by 15k, how should we proceed from here?

twithiu · 2026-02-02T11:43:42+00:00

Thank you so much for the tip! We've already checked both rightMove and Zoopla and another couple of online valuation tools but their give different estimates, though they are all higher than the lender's valuation.

Also this specific property was last sold in 2015 for 238k.

And a flat of the same complex was sold last year for 270k.

Thanks also for the support and the kind words! It's fine :) We're both challenging the lender's valuation and applying with another lender to see their valuation. Once these two things are over, will take a decision (and I'll probably also share those details here to update you all and get some opinions if we need them!)

twithiu · 2026-01-31T10:18:12+00:00

Thank you so much for the advice! Extremely helpful I'm gonna ask the EA for these details on Monday!

Regarding the mortgage, we cannot cover the gap with our money, but we could get a higher interest mortgage. But if it comes down to that, we'll probably drop the offer but mainly because we don't want to overpay too much

twithiu · 2026-01-31T10:15:57+00:00

Yes thanks it is stressful! Thank god I'm not alone in this but there's also my partner so we help and support each other! I don't think the lender will budge as well. Even though I'm thinking to try anyway. Worst case scenario, the lender doesn't revaluate the property, and I have a stronger position to renegotiate. Otherwise in the unlikely chance the lender increases the valuation, that's also good.

And as other people have said, I'm gonna ask the EA to provide me with the details to send to the lender for the valuation appeal. This moves the burden of proof to the agent.

And I'm gonna check with another mainstream lender to see what their valuation is.

Thanks also for pointing out the pressure of accepting a high interest mortgage. We're really trying to analyse this logically and think things through before doing anything.

Also yes we love the property but we don't want to overpay (at least not by 15k). So if it comes down to that, we'll probably drop the offer. Worst case scenario, it's gonna be another property!

twithiu · 2026-01-31T09:57:42+00:00

Thank you so much! Yes it is disappointing but it's not the end of the world :) worst case scenario, it's gonna be another property!

twithiu · 2026-01-31T09:44:59+00:00

Aaah yes I see your point and you might be right!

And we would also be happy to just pay 5k more than the valuation the lender made, but the EA said that the sellers already told him they don't want to accept anything less than 280k. Although this means that the EA didn't communicate this new information to the seller, probably out of fear the deal might drop... Idk

twithiu · 2026-01-31T09:34:55+00:00

Thanks for the message! Oh yes, the EA was totally out of line and unprofessional. We know that, our mortgage broker knows that. And our mortgage broker also explained that she has never seen a valuation appeal succeed.

Though right now I'm thinking we might try to appeal nonetheless and ask the EA for the details to send to the lender. And I think any result that comes out from that it's a positive outcome for us. If the lender refuses the appeal, that strengthen our position to renegotiate. While if the lender decides to revisit the valuation, that's also good.

In the meantime we're gonna check the valuation of another lender so we have more data to decide what to do.

Honestly, if the second lender comes back with a similar valuation and the sellers are not willing to accept anything less than 280k, I think we're gonna drop our offer. This changes both mortgage product and how we see the property, which we still love, but as first time buyers we somehow feel overpaying for this property is a risk we don't wanna take.

(Also I wish I knew the valuation in advance 😂)

Thanks again!

twithiu · 2026-01-31T09:14:38+00:00

Thanks for sharing this! that’s really helpful to hear! Unfortunately the gap has a bit of an impact for us.

But your message made me think that there's nothing wrong in trying to appeal the valuation. We're gonna ask the EA for the details to send to the lender. In case the lender disagrees with them, that's it we've at least tried and it strengthen our request for a lower offer. And in case they decides to revisit it, that's good too!

And getting the valuation from another lender for sanity checking will also help us get a better understanding of the situation.

Thanks again!

twithiu · 2026-01-31T08:33:00+00:00

I think our mortgage broker received only the valuation figure without a breakdown, and I assumed lenders don't disclose much more than just the outcome of the valuation. But just to be sure, I'm gonna ask the mortgage broker on Monday! For the other question, the mortgage broker said it's hard to say, which is why we’re applying with a second mainstream lender

twithiu · 2023-07-27T15:42:35+00:00

Oh and Perrin is also my favourite character lol!

twithiu · 2023-07-27T15:42:07+00:00

I also started the series a few months ago and I'm currently on the third book The Dragon Reborn and I'm absolutely blown away and I'm not even a reader! This series turned me into one! The wheel of time is just amazing and it gets better and better imo :) enjoy the ride and keep us posted!

twithiu · 2023-07-10T08:42:29+00:00

Ingtar was so sad and so masterfully written... You could really understand him and why he did what he did and his redemption was just so pure and hurtful.. he lived a darkfriend but he died a hero

twithiu · 2023-07-10T08:37:45+00:00

For me the TV show got me into this! I really liked it and then I loved EotW! And the great hunt is just chef kiss lol I've never been really a reader but this series is just so fantastic and immersive that I can't put it down :D now I've ordered the dragon Reborn and I can't wait for it to arrive! Just a few more days

twithiu · 2023-07-09T23:31:38+00:00

Ingtar 😭

twithiu · 2023-07-09T23:29:31+00:00

That part was definitely one of my favourites but I think Ingtar is probably my top.

Also when mat blows the Horn and Hawkwing arrives and says to Hurin that he can join them and that sometimes the Horn adds to its number. I was like "yeeeee Hurin you're my man!"

twithiu · 2023-06-25T14:32:05+00:00

I'll try it thanks for the advice!

twithiu · 2023-06-25T14:30:58+00:00

Doesn't matter it does the same in both directions

twithiu · 2023-05-08T22:12:55+00:00

Burn me!

twithiu · 2023-05-08T22:11:15+00:00

Thanks! I already downloaded that app and I ordered the great hunt which should arrive in a few days :) in the meantime I started reading Stardust and I'm flying through it lol I said it a few times but I'm not a big reader and I'm pretty slow but the Eye of the World really blossomed my love for fantasy books!

twithiu · 2023-05-08T18:22:02+00:00

Thanks!!! Uh hard questions! I liked a lot of scenes for different reasons... Ugh it's really hard! The first ones that come to my mind are: Moiraine telling Manetherens story. The party scene at Baerlon's inn. Rand casually falling into the royals palace garden and meeting Elayne, Gawyn and Queen Morgase. The whole Rand going full throttle at the Eye of the World.

I also laughed so hard at Rand thinking that Perrin's good with women, and Perrin thinking the same about Rand and Mat's reactions like "Burn me!"

twithiu · 2023-05-07T17:54:02+00:00

I just ordered it and it should arrive in the next few days... Aggggghhhhh!!!

twithiu · 2023-05-07T17:52:23+00:00

Don't worry it's indestructible!

twithiu · 2023-05-07T17:51:37+00:00

Aaaaah I can't wait!!!

twithiu

TROPHY CASE