You’ve had an offer on a property accepted, started imagining where the sofa will go, and then the mortgage valuation comes back lower than the price you agreed.

That doesn’t automatically mean the house is overpriced.

It does mean the lender may not lend enough to cover the deal as agreed.

Before you find extra money, challenge the figure or pull out, get three things clear: the valuation, the revised mortgage offer and the size of the gap.

This is a lender’s valuation, not a second opinion on whether you’ll love the kitchen.

It is carried out for secured lending, so the valuer is looking at the property and the market from the lender’s point of view.

RICS guidance covers this type of residential mortgage valuation, including the use of suitable market evidence.

An estate agent’s asking price, an online estimate and a buyer’s emotional ceiling are not the same thing.

Start with your mortgage adviser or lender

Ask for the exact figure the lender has used, the revised loan amount and the new loan-to-value position.

The loan-to-value, or LTV, is simply the percentage of the property price covered by the mortgage.

For example, if you agreed £300,000 but the lender values the home at £285,000, the lender may calculate its maximum mortgage against £285,000.

The shortfall is not automatically £15,000: it depends on the lender’s mortgage product and LTV limit. 

Your broker can show you the numbers and check if the down valuation changes the interest rate or knocks you out of the deal you applied for.

Don’t assume the full valuation report will be available.

Lenders handle reports and appeals differently, so ask what information can be shared and what review process applies in this case.

Then look at the evidence

If you think the valuation has missed something, gather recent completed sales of genuinely similar homes.

The best comparisons are close by and match the property’s type, size, condition, age and location.

A three-bedroom semi in Norwich is not a useful match for a large detached house outside Dereham simply because both have three bedrooms.

Completed sale prices are stronger than asking prices.

RICS guidance on comparable evidence says the information should be relevant and properly matched.

Send the evidence through your broker, who can ask the lender if a valuation review is allowed.

Don’t treat an appeal as a guaranteed rerun. A different conclusion needs better evidence, not just a different opinion.

Norfolk’s headline figures show why broad averages can mislead.

Rightmove records an average sold price of £304,566 across the county over the last year, with detached homes averaging £398,555.

 Those numbers are background, not proof that a particular home in Cromer, King’s Lynn, Norwich or Wymondham is worth a certain amount.

Street, condition and property type can change the answer sharply.

Talk to the seller before raiding your savings

The cleanest solution may be a lower price.

Explain the valuation and make a clear proposal.

The seller can accept it, refuse it or offer a compromise.

They may be under pressure themselves because of a linked purchase, but that still does not make it sensible for you to borrow beyond your comfort zone.

You could also put in more deposit money.

That may keep the purchase alive, but first check what it does to your emergency savings, moving costs, repairs and monthly budget.

A home can be affordable on paper and still leave you exposed when the boiler fails or work dries up.

Ask your adviser about another lender or mortgage product too.

A second lender may take a different view, but it may also value the property at the same level, charge different fees or create delays.

A new application is not a magic wand, and you should understand the effect on your credit search and timetable before proceeding.

Know when walking away is still possible

In England, an accepted offer is generally subject to contract until contracts are exchanged.

MoneyHelper says buyers and sellers can usually withdraw before exchange, although you may lose money already spent on searches, surveys or legal work.

 After exchange, the contract is legally binding and pulling out can bring serious legal and financial consequences.

That is why your conveyancer should know about the down valuation before you exchange.

Ask about deadlines, the seller’s position and any costs already building up.

 Don’t exchange while the mortgage, deposit and valuation gap are still uncertain.

So, should you pay the difference?

Only after checking the evidence, the mortgage terms, your cash buffer and the risk of owning a home that may be hard to sell at the price you paid.

 A low valuation can be wrong or simply cautious.

It can also be a warning that the agreed price has run ahead of the local market.

The sensible next move is not to panic or automatically find the money.

Get the figures, test the evidence, negotiate, and take advice before making the gap your problem.

What would you want to ask a mortgage adviser about a Norfolk down valuation?

Send us the specific question you’d like answered in a follow-up.