Valuation on remortgage

manikm

Cazza wrote: »

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.

NAtionwide valued my property at 175K 3 months ago - i paid 170K 2 years ago, this wasnt good enough for me to get a 90% LTV deal - so it collapsed (luckily)

As HSBC (eServe) valued it at 180K so i got my 90% lifetime tracker deal (.79% above boe) instead of the above nationwide deal (fixed 6.58 for 5 yrs)

jayremoh

nationwide are now finding me a list of 'approved' surveyors.

hopefull eserve will be on the list.

unless somebody can suggest a more 'friendly' surveyor?

jimmyay

gemma_8_1 wrote: »

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.

mine has come in similar. i am in the process of challenging nationwide's valuation which is pretty stressful, even for someone involved in the property market such as myself. they are just valuing on the basis of repossessed property sold prices (not the real market) and there are no repos locally. in addition there is ample comparable evidence to show their figures are wrong .

banks and building societies just do not want to lend at the moment and will do anyting to wriggle out of the deal. particularly if you managed to secure a tracker (as i did )at the lower rates before they pulled them the other week. so answer is - mark down 10% from estimates across the board.

im afraid it is hard to secure a remorgtage these days. even with plenty of equity.

jayremoh

think im gonna pull out of the deal, and stick with abbey SVR at 5.44% for a couple of months. obviously keeping my eye out for a decent deal each week.

dwsjarcmcd

jayremoh wrote: »

think im gonna pull out of the deal, and stick with abbey SVR at 5.44% for a couple of months. obviously keeping my eye out for a decent deal each week.

My only point on this would be that in a few months time, valuers may value the property (and every other property) at even less, taking you above the 90% LTV branket

Trollfever

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

If property prices are dropping by 10% p.a. you should act quickly as the value of your property is dropping by £346 per week or £49.31 per day.

Baz_2

jayremoh wrote: »

think im gonna pull out of the deal, and stick with abbey SVR at 5.44% for a couple of months. obviously keeping my eye out for a decent deal each week.

Has anyone at Abbey told you their SVR is going to be 5.44%?

They are still denying it at the moment.

jayremoh

baz, no theyve not, i was just going off what i'd read on here and a couple of other places.

bloody hell, what a minefield!!!

Baz_2

jayremoh wrote: »

baz, no theyve not, i was just going off what i'd read on here and a couple of other places.

bloody hell, what a minefield!!!

I didn't mean to panic you but just be aware that as of now the Abbey rate is still 6.94% and the customer service people are saying they have not been told that it is reducing despite the whole of the internet thinking otherwise.

I would have thought it will reduce but when is anyones guess.

jayremoh

bbc reported it so last week.

http://news.bbc.co.uk/1/hi/business/7729291.stm

no that that means owt