Valuation on remortgage

Cazza

In order to get a valuer to re look at things, you need to have at least 3 very similar properties, in your area, which have had completed sales in the last three months. That is the level of information a surveyor will be looking for, if you can't find this then I'm afraid it just backs up the surveyor's belief that the property isn't worth £192,000. This is pretty much beside the point though, as you said in your post #5 that Nationwide had said they weren't going to budge.

I'm afrad you now have two options, go to another lender for another product, or stay with Nationwide and get another product. If it's been valued at £180,000, base your research on that. Nationwide tend to use Countrywide for their surveys so there's a possibility that if you go to another lender you could still have the same surveyor come round again! Even if you get another surveyor, they tend to talk to talk to each other for opinions, so the new surveyor may find out from the new one. Nationwide won't bend the rules on letting you have the 75% product, that is set in stone.

As far as the figure which was entered for the valuation was concerned, I can't see your point. Unfortunately, Ntionwides argument is that you signed the application form and if you hadn't been happy saying your house was worth £192,000, you should have said so and changed it. I'm sorry, but this is the way things will go, given the current climate.

jayremoh

ive had issues with countrywide before.

they valued my old property at 140k, a week later i sold at 163k after THEY revalued.

souns to be like im stuffed and may as well stay on abbeys svr, as i can find any decent 80% LTV mortgages


cazza, your right, i should never of agreed to the 192k figure, i was just being hopeful i guess.

so question is, what now?

i need 8k really.

Cazza

It's just a case of working out what your choices are and decided which is the cheapest I think!

Abbey's SVR?
Nationwide 85% product?
Someone else 85% product?
Nationwide 75% product with a £8000 loan?(if this doesn't adversley affect the amount you can borrow with Nationwide)

Clearly, you need to talk to an independent mortgage adviser who can look at all your details and help you make the decisions, but in all the time I was advising, I don't think I had any clients where it was worth their while taking out the loan. Good luck!

space_rider

jayremoh wrote: »

ive had issues with countrywide before.

they valued my old property at 140k, a week later i sold at 163k after THEY revalued.

souns to be like im stuffed and may as well stay on abbeys svr, as i can find any decent 80% LTV mortgages


cazza, your right, i should never of agreed to the 192k figure, i was just being hopeful i guess.

so question is, what now?

i need 8k really.

I had that problem with Halifax so I ended up taking another product from Abbey.

jayremoh

will the abbey revalue or could i remortage at 75% LTV without a valuation?

Cazza

They will probably revalue and will use a firm called E Serve. Upto 75%, they used to do "desktop" valuations, where they would look at evidence of similar properties which had sold in your area to work out if your valuation figure was accurate or not. In the current climate and with a lack of information on sold prices in your area, I reckon they'll send out a surveyor.

jayremoh

what would 2 failed remortgages do to my otherwise 'perfect' credit score?

space_rider

jayremoh wrote: »

will the abbey revalue or could i remortage at 75% LTV without a valuation?

They never asked me how much I thought the house is worth. I bought it Dec 06 for £145,00 and had a £50,000 deposit. I reserved the product beginning of Sept and my current deal runs out beginning of Dec.

Baz_2

feisty1 wrote: »

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

Nope. Don't have time for pleasantries. Overrated. Same as proper words by the looks of it.

No need to tell him his in4 doesn't compute and is not clear when it was all there.

herbiesjp

jayremoh wrote: »

what would 2 failed remortgages do to my otherwise 'perfect' credit score?

They will not show up as failed mortgages

They will show up as to credit searches, and will not really affet your credit score too much - assuming you have not had any other searches done in the meantime.

Look for any other 80/85% deals and compare against the new deal Natiowide have offered you