Please be aware that in the current housing market property prices are falling in many areas of the country. This is likely to affect the value of your property when you come to apply for a mortgage, and potentially your choice of mortgage product.
We obtain a mortgage valuation (or property assessment figure) for all house purchase and remortgage applications, in order to calculate the proportion of your loan compared to the value of your property (this is known as the Loan to Value or LTV) and the suitability of the property as security for a mortgage. As such, the mortgage valuation will not necessarily reflect the value an estate agent feels someone would be prepared to pay for the property
This could result in your property being valued at less than you told us and may also mean that you no longer qualify for a product with a specific LTV. If this happens you will have to switch to another product with a higher LTV, or it may mean that we are unable to offer you a mortgage.
If we are unable to offer you a mortgage after your mortgage valuation, any product application or valuation fees would not be refunded, so it is essential you are as accurate as possible when providing us with an estimated value of your property.
There are various websites that provide estimates of current property valuations and house prices and we would encourage you to look at these prior to telling us your valuation of the property. This will help to ensure the figure that you provide to us is as accurate as possible and increase the chance that the product that you select on application is the one that you will be able to proceed with following the application.
Yorkshire Building Society is one of the largest building societies in the UK. We offer a range of financial products and services including: savings & investment accounts, insurance products, credit cards, loans, mortgages and more.
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Yorkshire Building Society is authorised and regulated by the Financial Services Authority (FSA).
