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Yeah I guess I can get my own valuation. But surely in the example you gave, they will lend 90k if the buyer has agreed to pay 110 and has a deposit of 20? Its just that the LTV changes. The bank could still recoup the loaned money by selling at "market value" in the case of a default, because they have lent less than the market value?
Assuming of course that the LTV still checks out for the mortgage in question.
The alternative would be buyers having to compete using cash, even if their salary was massive (example: loan required is 2x annual salary, but cash reserves are small, so buyer loses out to person who needs 4x salary mortgage but has more cash available)
Cupcakes
@deleted
They lend x-y. I.e. If the house is 100k and you have 20k deposit, they lend 80k.
I guess if the house is valued in the home buyers report at 100k, but you have agreed to pay 110k, they might still only lend you 80k if you want an interest rate commensurate with LTV of 20%.
In England we don't have home buyers reports, and the bank sores there own independent valuation to establish the value. Can you ask if the bank can do a valuation to support the higher value than ligand in the home buyers pack?