Remortgage Valuation Issues

Bromley86

You can use this Nationwide calc. Don't get too disheartened though.
http://www.nationwide.co.uk/hpi/

Also, check out recent local sales on Land Registry. I use Rightmove to access the data, but there are other ways:
http://www.rightmove.co.uk/soldprices.rsp;jsessionid=ED52B3AD332E56A376D2D43CE566082B

EDIT: Just seen silvercar's post. Zoopla is better than both my links as it effectively does both.
http://www.zoopla.co.uk/property/browse/value-estimates/england/

Greenr

Bromley86 wrote: »

You can use this Nationwide calc. Don't get too disheartened though.
http://www.nationwide.co.uk/hpi/

Also, check out recent local sales on Land Registry. I use Rightmove to access the data, but there are other ways:
http://www.rightmove.co.uk/soldprices.rsp;jsessionid=ED52B3AD332E56A376D2D43CE566082B

EDIT: Just seen silvercar's post. Zoopla is better than both my links as it effectively does both.
http://www.zoopla.co.uk/property/browse/value-estimates/england/

Thanks for this advice. Sorry to sound silly but I have never remortgaged before. As I'm currently with Halifax, will they offer me a new deal and not take LTV into consideration as I'm an existing customer?

silvercar

Your starting point is to ask Halifax what they can offer you. Then compare that with what you can get elsewhere.

For new deals with an existing lender: Some lenders may look at your previous LTV, some may use an index to roughly calculate your current LTV. Your existing lender is unlikely to actually make a formal valuation.

beecher

Greenr wrote: »

Thanks for this advice. Sorry to sound silly but I have never remortgaged before. As I'm currently with Halifax, will they offer me a new deal and not take LTV into consideration as I'm an existing customer?

They will take LTV into consideration and will have an idea of the value of your house on their system. If you have an online account you can work out what the value is by seeing how much equity you have as it is quoted on the front page. Mine is completely overvalued so you might be lucky too - the system thinks my flat's worth £150,000 when in reality they're going for closer to £110,000 now.

If you have a look here

https://www.halifax.co.uk/mortgages/newdeal.asp

you will see the difference between the deals for those with LTV of less than 75%, and those with LTVs between 75% and 95%. Things are likely to change by June 2009, but who knows where we'll be then.

Greenr

beecher wrote: »

They will take LTV into consideration and will have an idea of the value of your house on their system. If you have an online account you can work out what the value is by seeing how much equity you have as it is quoted on the front page. Mine is completely overvalued so you might be lucky too - the system thinks my flat's worth £150,000 when in reality they're going for closer to £110,000 now.

If you have a look here

https://www.halifax.co.uk/mortgages/newdeal.asp

you will see the difference between the deals for those with LTV of less than 75%, and those with LTVs between 75% and 95%. Things are likely to change by June 2009, but who knows where we'll be then.

I have an online mortgage account but can't see where the equity is stated!? all it says is my current mortgage balance?

beecher

Greenr wrote: »

I have an online mortgage account but can't see where the equity is stated!? all it says is my current mortgage balance?

I can't check mine right now - I wonder if they've removed it. Used to be when you clicked on the balance, it said something along the lines of 'you have x amount of equity' which you could borrow'.

Sorry if I've given you duff information!

Maybe if you phone them they'd be able to give you the present valuation.