| Comment | It's the same banks lending the same mortgages and valuing the property using the same basis
Why would the same bank value property differently in Scotland compared to England?
The home report value is just a guidance, banks will do their own assessment based on exactly what you're talking about when deciding whether to lend, and their valuation is a long-term one rather than the current position of the market, making it difficult to borrow when the market is as it is at the moment.
> If you are willing to offer that much for a property, then the house is generally deemed to be worth that amount
No, that's patently wrong. A bank is not going to lend you more than their valuation, in England or in Scotland. The bank wants to make sure the collatoral covers the loan and their calculation of what they are willing to lend does not take your offer into account in any way. |
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