| Comment | The home report value is very important though. It’s what the banks use as the properties value. That’s why it has to be done be an accredited surveyor.
What the property is advertised for, or what the purchaser actually ends up paying, is irrelevant to the lender. They just need to know what the liability is.
It’s also a good benchmark for the purchaser as each area and type of property will have a typical overs offer percentage.
It’s a nightmare for people buying nowadays though . In my day you could get 150% mortgages and use the extra 50% to pay for the offers over, the legal fees, stamp duty and your furnishing and decorating |
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