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Is a property valuation always required for mortgage?

  • 01-12-2017 1:56pm
    #1
    calgary bound
    Registered Users, Registered Users 2 Posts: 149 ✭✭


    I am just wondering, as the title suggests, if a property valuation always required for mortgage? I was just sending off all the documentation to the bank as per our sanction in principle letter and noticed it hasn't requested a valuation, just details of the property to be mortgaged. Our LTV is about 45%, would this make any difference? Just wondering when it will be requested for our timelines.


Comments

  • #2
    seamus
    Registered Users, Registered Users 2 Posts: 68,317 ✭✭✭✭seamus


    Valuation will always be required. To paraphrase the valuer, their job is just to make sure the house actually exists and can be lived in. Your LTV is somewhat irrelevant.

    The bank themselves will send out the valuer.


  • #3
    Askthe EA
    Registered Users, Registered Users 2 Posts: 724 ✭✭✭Askthe EA


    calgary bound wrote: »
    I am just wondering, as the title suggests, if a property valuation always required for mortgage? I was just sending off all the documentation to the bank as per our sanction in principle letter and noticed it hasn't requested a valuation, just details of the property to be mortgaged. Our LTV is about 45%, would this make any difference? Just wondering when it will be requested for our timelines.

    Yeah it is. The bank needs to know what it is they are lending on like...


  • #4
    calgary bound
    Registered Users, Registered Users 2 Posts: 149 ✭✭calgary bound


    Perfect, as expected. Thanks.


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