Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • Dandytf
    • By Dandytf 16th Jun 17, 8:50 PM
    • 926Posts
    • 351Thanks
    Dandytf
    ltv increased since 2009
    • #1
    • 16th Jun 17, 8:50 PM
    ltv increased since 2009 16th Jun 17 at 8:50 PM
    having swapped at end 5yr fix to 2yr fix
    ive since been advised my home is valued@52k

    i purchased at 65k 2009
    mtg was 85% ltv 15% deposit

    using natwide hpi calculator I thought this year i was 62.5 ltv approx
    new natwide valuation rules advise the re avaluation is 52k approx

    what i dont understand is how can the purchase price change this year increasing ltv to 90%
    sc dmp 2012 13k

    Jan 2018 8759 paid. 60% ish...
Page 1
    • Edi81
    • By Edi81 16th Jun 17, 9:34 PM
    • 328 Posts
    • 201 Thanks
    Edi81
    • #2
    • 16th Jun 17, 9:34 PM
    • #2
    • 16th Jun 17, 9:34 PM
    Where in the uk are you? Northern Ireland?
    • Dandytf
    • By Dandytf 16th Jun 17, 9:47 PM
    • 926 Posts
    • 351 Thanks
    Dandytf
    • #3
    • 16th Jun 17, 9:47 PM
    • #3
    • 16th Jun 17, 9:47 PM
    Where in the uk are you? Northern Ireland?
    Originally posted by Edi81
    I dont understand the relvence of your question

    No offence intended thoughI'll answer Scotland

    feel free to explain further if required

    thanks
    sc dmp 2012 13k

    Jan 2018 8759 paid. 60% ish...
    • jayII
    • By jayII 16th Jun 17, 10:01 PM
    • 39,920 Posts
    • 106,438 Thanks
    jayII
    • #4
    • 16th Jun 17, 10:01 PM
    • #4
    • 16th Jun 17, 10:01 PM
    House and flat values can go down as well as up. New build flats in some areas (outside London) frequently seem to lose value during the first few years. Thankfully you're not in negative equity!

    Hopefully the value of your home will start increasing now.
    Slimming world 12.5lbs lost so far
    Pay all your debt off by Xmas 2018 #11 £0/£7000
    Total debt reduction (cards and mortg) Feb '16 to Dec 17: £31,305
    NOT buying it in 2018, unless it's really really necessary!
    • Dandytf
    • By Dandytf 16th Jun 17, 11:08 PM
    • 926 Posts
    • 351 Thanks
    Dandytf
    • #5
    • 16th Jun 17, 11:08 PM
    • #5
    • 16th Jun 17, 11:08 PM
    House and flat values can go down as well as up. New build flats in some areas (outside London) frequently seem to lose value during the first few years. Thankfully you're not in negative equity!

    Hopefully the value of your home will start increasing now.
    Originally posted by jayII
    65k to 52k

    I,m certain prices are decreasing at an alarming rate or am i exagturating needlesly

    thanks anyway- think moving next year maybe a cut my losses type decision
    sc dmp 2012 13k

    Jan 2018 8759 paid. 60% ish...
    • getmore4less
    • By getmore4less 17th Jun 17, 8:32 AM
    • 30,798 Posts
    • 18,410 Thanks
    getmore4less
    • #6
    • 17th Jun 17, 8:32 AM
    • #6
    • 17th Jun 17, 8:32 AM
    having swapped at end 5yr fix to 2yr fix
    ive since been advised my home is valued@52k

    i purchased at 65k 2009
    mtg was 85% ltv 15% deposit

    using natwide hpi calculator I thought this year i was 62.5 ltv approx
    new natwide valuation rules advise the re avaluation is 52k approx

    what i dont understand is how can the purchase price change this year increasing ltv to 90%
    Originally posted by Dandytf
    It is not the purchase price that has change but the valuation.

    It is LTValue not LTPurchace
    • Dandytf
    • By Dandytf 17th Jun 17, 8:59 AM
    • 926 Posts
    • 351 Thanks
    Dandytf
    • #7
    • 17th Jun 17, 8:59 AM
    • #7
    • 17th Jun 17, 8:59 AM
    It is not the purchase price that has change but the valuation.

    It is LTValue not LTPurchace
    Originally posted by getmore4less
    I agree which is why I asked.

    To be fair I didnt make myself clear my mrg swap paperwork arrived last week stating purchase price 52k wheras i have 2009 mtg paperwork stating purchase price 65k total amount borrowed 56k (after 15% deposit)
    sc dmp 2012 13k

    Jan 2018 8759 paid. 60% ish...
    • Thrugelmir
    • By Thrugelmir 17th Jun 17, 10:39 AM
    • 56,231 Posts
    • 49,605 Thanks
    Thrugelmir
    • #8
    • 17th Jun 17, 10:39 AM
    • #8
    • 17th Jun 17, 10:39 AM

    To be fair I didnt make myself clear my mrg swap paperwork arrived last week stating purchase price 52k wheras i have 2009 mtg paperwork stating purchase price 65k total amount borrowed 56k (after 15% deposit)
    Originally posted by Dandytf
    Mortgage valuations are done on the basis of purchase price or market valuation, which ever is the lower.
    ďOpportunities come infrequently. When it rains gold, put out the bucket, not the thimbleĒ
    ― Warren Buffett
    • Dandytf
    • By Dandytf 17th Jun 17, 10:50 AM
    • 926 Posts
    • 351 Thanks
    Dandytf
    • #9
    • 17th Jun 17, 10:50 AM
    • #9
    • 17th Jun 17, 10:50 AM
    Mortgage valuations are done on the basis of purchase price or market valuation, which ever is the lower.
    Originally posted by Thrugelmir
    Excellent answer

    Thanks all msers for reliable accurate kind advice.
    sc dmp 2012 13k

    Jan 2018 8759 paid. 60% ish...
    • FutureDreams
    • By FutureDreams 17th Jun 17, 12:04 PM
    • 23 Posts
    • 105 Thanks
    FutureDreams
    I recently had a property valued and the report gave a valuation of £60,000 less than we expected. When I queried it the valuer had matched it against a repossessed property sold at auction. Sometimes they get it wrong.
    • Dandytf
    • By Dandytf 17th Jun 17, 4:09 PM
    • 926 Posts
    • 351 Thanks
    Dandytf
    I recently had a property valued and the report gave a valuation of £60,000 less than we expected. When I queried it the valuer had matched it against a repossessed property sold at auction. Sometimes they get it wrong.
    Originally posted by FutureDreams
    Inetersting though what i havent yet mentioned is 50-55 k was average valuation from 3 local agents over winter when i wasnt certain of work at the time.

    thanks all my concern has been answered.
    sc dmp 2012 13k

    Jan 2018 8759 paid. 60% ish...
    • Dandytf
    • By Dandytf 5th Jul 17, 5:55 PM
    • 926 Posts
    • 351 Thanks
    Dandytf
    I recently had a property valued and the report gave a valuation of £60,000 less than we expected. When I queried it the valuer had matched it against a repossessed property sold at auction. Sometimes they get it wrong.
    Originally posted by FutureDreams
    thanks

    No harm in following Natwides complaints proceedure

    Think Iíll check anyway
    sc dmp 2012 13k

    Jan 2018 8759 paid. 60% ish...
    • ACG
    • By ACG 5th Jul 17, 6:01 PM
    • 15,901 Posts
    • 8,144 Thanks
    ACG
    Home values change depending on the area.
    I dont know about the nationwide HPI thing, but perhapse it groups areas? ie Greater Manchester, there would be areas that increase in value and areas that decrease and the changes could differ street by street
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
    • Dandytf
    • By Dandytf 6th Jul 17, 11:55 AM
    • 926 Posts
    • 351 Thanks
    Dandytf
    Home values change depending on the area.
    I dont know about the nationwide HPI thing, but perhapse it groups areas? ie Greater Manchester, there would be areas that increase in value and areas that decrease and the changes could differ street by street
    Originally posted by ACG
    whilst i appreciate home valuations change etc

    I only found the recent lower valuation after 3rd call to natwide
    2 of which had agreed i could select to swap onto a trackert mtg

    3rd call did then advise i couldnt select tracker as new system calculated lower valuation
    interesting their advisor asked where i got 62% ltv from when i mentioned online natwide hpi calculator only then was i advised of’ a new system is being used’

    Why isnt there any mention of the new system to infom customers online
    i see hpicalculator is still online
    Last edited by Dandytf; 18-07-2017 at 8:48 AM.
    sc dmp 2012 13k

    Jan 2018 8759 paid. 60% ish...
    • Dandytf
    • By Dandytf 17th Jul 17, 3:35 PM
    • 926 Posts
    • 351 Thanks
    Dandytf
    This will be finalised soon

    Iíll get a response form natwide no later than 2nd August since receiving a letter today

    Not that I doubt any advice from mserís though the incorrect valuation post got me thinking maybe this is a possibilty
    Last edited by Dandytf; 18-07-2017 at 8:48 AM.
    sc dmp 2012 13k

    Jan 2018 8759 paid. 60% ish...
    • charco
    • By charco 18th Jul 17, 6:38 AM
    • 39 Posts
    • 14 Thanks
    charco
    Where in Scotland are you? Most property prices have gone UP since 2009 rather than down. I think the suggestion they've valued against a repo house sounds valid.

    It's a bit cheeky but you could always claim you're planning on selling and get a few no obligation valuations from local estate agents.
    • getmore4less
    • By getmore4less 18th Jul 17, 6:43 AM
    • 30,798 Posts
    • 18,410 Thanks
    getmore4less
    Inetersting though what i havent yet mentioned is 50-55 k was average valuation from 3 local agents over winter when i wasnt certain of work at the time.

    thanks all my concern has been answered.
    Originally posted by Dandytf
    Where in Scotland are you? Most property prices have gone UP since 2009 rather than down. I think the suggestion they've valued against a repo house sounds valid.

    It's a bit cheeky but you could always claim you're planning on selling and get a few no obligation valuations from local estate agents.
    Originally posted by charco

    looks like OP has allready done that and they came in line with the "new system".
    • Dandytf
    • By Dandytf 18th Jul 17, 8:36 AM
    • 926 Posts
    • 351 Thanks
    Dandytf
    not from natwide un-advertised Ďnew systemí

    Hpi calculator as advertised online
    property value q2 17 71302

    change since 2009 6.69% increase

    why ive loved Zooplas estimates since moving at least for entertainment and motivational purposes only

    estimated property value 76k
    Last edited by Dandytf; 18-07-2017 at 8:46 AM.
    sc dmp 2012 13k

    Jan 2018 8759 paid. 60% ish...
    • Dandytf
    • By Dandytf 1st Aug 17, 7:40 PM
    • 926 Posts
    • 351 Thanks
    Dandytf
    Tomorrow is 2nd August-no prizes for answering.

    Looking forward to response from Natwide who last advised my complaint will be answered no later than 2nd August.

    Thanks for all replyís to my initail decreased LTV concern.
    T.b.h. Unfortunately Iíve since seen a few other mserís posting similar experiences including much larger mortgages and ltv de creases which makes sense with some of the kind replyís Iíve received.

    Thanks for the incorrectly,valuation experience, which is why I decided to raise a complaint to at least remove that possibility from my mind.

    Hopefully Iíll re post final official answer in next few days.
    Last edited by Dandytf; 01-08-2017 at 7:42 PM.
    sc dmp 2012 13k

    Jan 2018 8759 paid. 60% ish...
    • Dandytf
    • By Dandytf 5th Aug 17, 9:55 AM
    • 926 Posts
    • 351 Thanks
    Dandytf
    Latest letter today Sat 5th Aug.

    Apology we will respond no later than 30th Aug.

    My anticipation continues..
    sc dmp 2012 13k

    Jan 2018 8759 paid. 60% ish...
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

254Posts Today

1,458Users online

Martin's Twitter
  • Nice debating with (all but the rude ones) of you. Bedtime for me now. Goodnight #bbcqt

  • RT @kevmthomas: @MartinSLewis It was a comment you made about the referendum being a binary choice on a non binary issue that helped me rea?

  • To clarify this. Cameron's gamble that having a stark vote'd mean his team won. He gambled wrong (that's not a stat? https://t.co/NSCT3aKvGS

  • Follow Martin