Valuation on remortgage

jayremoh

just in the middle of remortgaging from abbey to nationwide.

my discounted abbey mortgage expired on nov 3rd so agreed remortgage with nationwide, lifetime tracker boe +1.13%.

great i thought, even better after cuts this week.

anyway, house was valued last tuesday 28th and today i received 1st set of legal work from LMS (who act between abbey and nationwide apparently)

now ive not officially been told about this, but valuation has come back under 75% ltv, actually at 79% (a bloke at nationwide told me when i rang to ask how we were doing) the actual person dealing with my remortgage was off, and will ring back tomorrow, to "inform me of current preceedings"

now i need to know where i stand, ie can they say oh thats ok 79% is fine we can still proceed, or are they gonna annoy me by saying its fallen through. which will mean me re-applying for an 85% LTV and suffer poorer rates! (or maybe not, it doesnt exist anymore on the website!!!!!)

jayremoh

anybody, please?

note, nationwide have still not contacted me regarding the valuation.

today i have sent the 1st set of legal forms off.

feisty1

but valuation has come back under 75% ltv

actually at 79%

doesnt equate,

gemma_8_1

Same thing has just happened to me, the mortgage advisor told me I can either pay off the shortfall from my mortgage or find a different deal or appeal to the surveyor which would involve finding similar properties that have sold for a higher amount.

jayremoh

sorry i meant the valuation was under. valued at 180k, needed 192k

nationwide have now said theres no movement.

what can i do?

pay for another valuation? but will that come back any better?

pay 8k difference? i dont have that money. would have to be loan, but surley the interest would outweigh to the point of such a task.

appeal to surveyer? how do i find a list of recent sold houses in the area?

look elsewhere? i cant find any decent deals now got 80% LTV

OR

stick with abbey on the SVR, which i think is 6.79% (sorry, will this ever come down or is this set now?)

please help me.

feisty1

sorry but u have %'s & figs but nothing is clear........how much is yr mortgage and what is house valued at, can u either give it in %'s or £'s so this can be more clear

alleycat`

I've seen this first hand with a work colleague.

Their existing lender gave them a valuation on the house at remortgage time - but they didn't like the rates on offer.

They approached another lender who offered them a better rate based on that LTV (but wanted to send over their own valuer).

The valuation on the house by the banks valuer shifted the LTV from one rate up to a slightly more expensive tracker rate which also had a reservation fee (the actual valuation was £30K lower than the previous banks).

I don't know if its common practice but i am aware of it happening to at least one other person (and neither of the banks you mentioned were involved).

--
Richard

Baz_2

feisty1 wrote: »

sorry but u have %'s & figs but nothing is clear........how much is yr mortgage and what is house valued at, can u either give it in %'s or £'s so this can be more clear

Its perfectly clear.

He needs £143k and has applied with a valuation of over £192k i.e a LTV of 75%.

The valuer has valued it at £180k which has given him a LTV of 79%.

Do try to keep up.

https://www.nethouseprices.co.uk
https://www.ourproperty.co.uk

are a start.

feisty1

quote wrote:

;15861357] Do try to keep up.quote]

BAZ.......Would you consider yrself polite?

feisty1

jayremoh why dont u discuss this with an adviser as u have been trying to resolve this for a week now, they will help you

jayremoh

thanks all.

yes the mortgage is 143k and the valuation required would be 192k to achive 75% LTV.

I only paid 190k for the house 2 years ago, although i knocked them down form 200k

i still have the valuation from then at 190k which i showed to nationwide.

it was nationwide person who suggested upping the value to 192k to acheive the 75% LTV. (by suggesting i mean she typed it as mentioning it)

i suppose theres an 'advice' argument here.

what can i do...i totally stuck and my heads mashed.

thanks, appreciated.