audit valuation

[auntsallyann]

i recently purchased a property and took out a small mortgage, the lender did a basic survey which showed no problems, but after a couple of weeks of these being done they sent another valuer round to undertake an audit survey-anybody have ny ideas why they did this? thanks

[buildersmate]

With the recent difficulties in the financial markets caused by loss of confidence in property and a subsequent reduction in market prices, lenders are especially nervous that the assets that underpin their loans are still worth more than the outstanding sum on the loan.
This was probably a second check on a 'marginal' asset - in other words your mortgage sum is probably relatively close to the free-market value of the house.