| Comment | Banks in England value homes for prospective clients when they apply for mortgages and loan money based on the valuation. People in England are still offering their own cash as money above said valuation in order to secure the sale.. which is partly why the Bank of England raised interest rates.
In fact all other banks in the uk raised interest rates because they were raised by the Bank of England.
Scottish banks will use the home report value as a guide but still carry out their own valuations which usually fall in line with home report but not always.
Again, doesn’t mean the home report valuation is pointless and also English homes are most certainly valued prior to being offered mortgages.. the economy would be even more fucked if they didn’t |
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