Valuations affecting remortgage

stevie_wonder

Hi Everyone,

I'm remortgaging and was wondering what experience people had in terms of what valuations were given on their homes related to their expectations of the value of their house? Have valuers knocked down and if so, by how much?

We bought our house for £190,500 in October 2006, we've been up for sale since last summer and had it "sold" twice in July and then again in October only for both to fall through at the buyers side. Both times they were going to pay £205k (as far as I know). The last one finally collapsed in Jan.

Would you expect the valuer to knock 10% of the potential Jan sale figure, given recent downturn, or 10% of the October 2006 price.

Cheers

andrewmp

Probably 10% off peak.

inca_2

It's hard to say without knowing the house area etc, can you get a free valuation from an estate agent at all? or if any similar properties have sold in your area recently you could try and check online to see what they sold for. It's not 100% but may give you a rough idea. I had a val come back for a customer today which had been down valued at nearly 20%. However, this is the highest down valuation I've dealt with in the last couple of months and not by any means an average of what I've seen. Also, due to the people selling I think it was knowingly vastly overpriced anyway.

herbiesjp

Well you could look here to get an idea of price value:
http://www.nationwide.co.uk/hpi/calculator.asp

Or you could look on a web site like nethouseprices.com to see if there are any details of properties sold locally

lwcus78

we remortgaged in march 08 and the house was valued about 15k less than what we expected. (we expected 185k) Didn't really matter as we had a low LTV but could have made a big difference if we hadn't put down a large deposit. Our neighbours identical house was sold 188k in Jan 08.

mat5664

I've just had a valuation for a Woolwich offset remortgage. Paid £645k for a 3 bed new build flat in London 2 years ago.

I valued it on my application at £750k as similar places were going for £800k plus earlier in the year, but new build prices seem to have fallen faster than most recently. Was somewhat surprised that the valuation still came out at £800k even though I don't think I could sell for that now. (also gives me a mortgage reserve of £535k, if I wanted it, which I do not = well not that much anyway).