Minimum Valuation price

[irishandcute99]

I was just approved for a first time buyer mortgage for 267850 with KBC - my income is 76k. I have about 130k in savings. One of the conditions is puzzling me - Prior to drawdown of the loan, a valuation must be carried out on the property being purchased. The valuer will be appointed by KBC and paid for by the borrower. The valuation of the property must be a minimum amount of 380,000 and not more than 4 months old at the date of drawdown. I have my eye on a property for 370,000 but this condition would disqualify me. Surely it is a mistake? What if I saw a property for 320,000 - would I be unable to get a mortgage for that? I don't see the sense in this condition - surely it is an error. Are they going to refuse me if I found a property cheaper than 380,000? I will query this on Monday but going to a viewing tomorrow of the 370,000 and want to know where I stand asap.

 

[Marobar1]

I had a condition similar to this with KBC recently, when I queried it the mortgage advisor said not to worry once the valuation amount came in above the LTV band I was applying for.

I think the amount on the condition on the loan offer just matched the amount I put in the application form for approximate value of house.