Mortgage blow as Banks and building societies cut the amount of time a home valuation is valid
Banks and building societies are cutting the amount of time a home valuation is valid because they're nervous about falling house prices.
Kent Reliance was the first to do so on September 1, reducing its limit from six months to four months. Other lenders could follow, experts say.
Limit: Many lenders are cutting the amount of time a home valuation is valid
When you buy a house and apply for a mortgage, the lender will send a surveyor to check the property is worth as much as you think.
Economists predicted prices would fall after the Brexit vote, though they have so far remained steady.
But banks fear that if prices dip suddenly they could end up lending too much on a property that is later worth less.
Kent Reliance's new rule is only likely to affect buyers whose purchases have been delayed. They may have to pay anything from £140 to £3,725 for a new valuation.
Buyers may also miss out on a mortgage if the new value is less than the previous one and the bank will no longer lend as much.
Kent Reliance says its decision followed a warning by the Royal Institution of Chartered Surveyors that valuers' predictions could be less accurate if prices move quickly.