If you get 92% morgage approval quest

Hi,

My question is when your approved for a trade up morgage of Competitive loan to value of up to 92% - is this based on the value of the house you are purchasing, i.e. if your given the approval for 92% of what the valuer says, does the bank have to give that amount if you want that amount? so If your cheeky and then offer a little less to the person selling, you the buyer would have to come up with less to make up the full amount?

Or is it 92% of what you pay the seller?

Hope the above is worded ok? is this possible? can anyone advise?

Thanks in advance?

Blueeyes.

92% of the contract/agreed purchase price.

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