I have a question regarding the figure which banks use to calculate property values when offering a mortgage.
I have purchased a property off plan and so far I have been fortunate enough to see a moderate increase in property value.
I don’t want to take the developers mortgage (conditions are pretty poor) and I don’t want to pay a mortgage brooker (unless I have to).
My question is when the bank grants a mortgage to somebody in my situation to they value the property at:
a. The price I purchased the property at 3 years ago.
b. Current valuation.
Any help as always would be greatly appreciated.