Mortgage evidence guide
Down valuations: why they happen and what to do
A down valuation is not a verdict on your judgement — it is a gap between the price you agreed and the sold-price evidence the surveyor can point to. Because mortgage valuations lean on registered comparable sales, checking that same evidence yourself (HM Land Registry data through July 2026) before and after the valuation puts you in a far stronger position.
The maths of the gap
Suppose you agreed £300,000 with a 10% deposit (£30,000), and the lender values the property at £285,000. The lender will now lend 90% of £285,000 = £256,500 — not £270,000. Unless the price changes, you need £43,500 of cash instead of £30,000. The £15,000 down valuation became a £13,500 cash problem, which is why the response usually has to be renegotiation rather than simply absorbing it.
If you are the buyer
- 1. Pull the local evidence first. Open the street and postcode pages for the address. Note the recent sales closest in type and size, and the local median.
- 2. Compare the valuation, not just the price. If the surveyor landed near the local evidence and your agreed price is the outlier, renegotiation is well supported. Show the seller the registered sales, not opinions.
- 3. Appeal only with new comparables. If you can find recent same-street or same-development sales at or above your agreed price that the valuation seems to ignore, put them in the lender’s appeal format.
- 4. Consider a second lender deliberately. Different lenders use different surveyors and risk appetites. A second application costs time — weigh that against how far the price is from the evidence.
If you are the seller
- Anticipate it before listing. If the asking price sits well above every registered sale on your street, assume the buyer’s valuation will test it — and decide in advance what evidence justifies the difference (extension, renovation, plot).
- Document improvements. Registered sold prices do not know about your loft conversion. Surveyors can take documented, permissioned improvements into account; give your agent the paperwork.
- Have a fallback number. Decide the minimum you would accept before the valuation lands, using the same local evidence the surveyor will use.
Important limitation
Historical sold prices are evidence, not a valuation of any specific property today. Nothing here is financial or mortgage advice — lenders and regulated advisers make the lending decisions.
Pull the evidence for your area
Frequently asked questions
What is a down valuation?
A down valuation happens when the mortgage lender’s surveyor values the property below the price you agreed to pay. The lender then bases its loan on the lower figure, leaving a gap you must renegotiate, fund yourself, or walk away from.
Why do surveyors value below the agreed price?
Mortgage valuations are evidence-led: surveyors rely heavily on recent comparable sold prices near the property. If the agreed price runs ahead of registered local evidence — common in fast-rising or thin markets — the valuation can come in lower.
Can I challenge a down valuation?
You can usually appeal through the lender, but appeals only succeed with better evidence: recent comparable sales the surveyor may have missed. Registered sold prices for the same street or postcode are exactly the kind of evidence appeals are built on.
Does a down valuation mean the house is overpriced?
Not automatically. Valuations lag the market because sold-price evidence takes weeks or months to register. But a large gap between the agreed price and local sold-price evidence is a signal worth taking seriously before increasing your offer.
What are my options after a down valuation?
Typically four: renegotiate the price towards the valuation, make up the difference with a larger deposit, try a different lender whose surveyor may take a different view, or withdraw. Which is sensible depends on how the agreed price compares with local sold evidence.