Remortgage valuation nightmare

RoryJ_2

In the process of remortgaging my flat in Brentford (West London, Middlesex, wherever you want to call it). Bought for 158K in Nov '06. Applied for HSBC's lifetime tracker rate (0.79 above base rate) deal, paid the £599 fee. They pay for valuation. All good.

Based on prediction valuation website (Zoopla), I put in my property's current value of 165K. HSBC's surveyors came up with 150K, lower than even my worst-case scenario :mad:. It means their maximum lending offer is now 135K when I need around 139K.

So, what do I do now (other than rob a bank)? I feel cheated as even non-Zoopla predictions reckon my place is worth a minimum 156K. Is it worth getting a new valuation done? Any other ideas? Your help would be much appreciated.

minimike2

Why do you feel cheated? Zoopla is hardly an accurate system....NONE of these websites are accurate and cannot be relied on. In the current climate you cannot assume anything until a valuer goes out.

RoryJ_2

OK, more upset than cheated. Thought I'd got it all sorted and now in the hole to the tune of 4 grand. Any advice?

_Andy_

Nothing you can do unless you can evidence 2-3 properties similar in the locale selling recently for the amount you need. Bear in mind that we're in a falling market so any valuer will factor property value drops in.

mdud

You could get evidence of other houses sold very recently like yours in the area, and use this as evidence that it has been under valued, although it is far better to do this and show the valuer while they are there.

manikm

that happened with me - Nationwide undervalued my house by 5K on a fixed deal at 6.58%

i canceled the deal.... a month later (even worse economic climate), i tried again with HSBC, i thought I was going to be in the same\similar position;

I bought a place for 170k two years ago, and thought it would only be worth the same or less and need 90% LTV to get the HSBC deal.

luckily, the surveyor took pity on me, and i got the valuation i needed!!

happy days!!!

luck of the draw i guess...