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audit valuation

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auntsallyann | 10:13 Wed 24th Sep 2008 | Property
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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
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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.

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