Valuation on remortgage

jayremoh

ive just spoke to nice gentleman at the abbey who informed me that the SVR is definatley dropping to 5.44% and tomrrow they are releasing a new set of deals.

fingers crossed.

savingholmes

I think the valuation could be correct in which case try and find another provider or a different ltv. My house based on sales is worth more than what I paid for it, but there are houses for sale on my estate for 10% less than what it was valued for in July!

jayremoh

there are 2 identical house for sale near me. one at 200k, and one at 210k

and further round the corner there are no 3 bed 3 storey houses for under 200k.

make of that what you will.

ok they for sale, not sold but still.

jayremoh

just an quick update,

house has been valued today at 195k by estate agent, which i have been requested to send to nationwide.

grogdog

will make no difference they wont chage the valuation they have from their surveyor , your only hope is to show 3 sold comparisons which from what you say cant be done.

uzubairu

jayremoh wrote: »

there are 2 identical house for sale near me. one at 200k, and one at 210k

and further round the corner there are no 3 bed 3 storey houses for under 200k.

make of that what you will.

ok they for sale, not sold but still.

That's your problem, they probably wont sell until they are more realistically priced, which might be around the region of your £180K valuation.

shell1000

oh no I have been exactly where you are with the same lender and they won't budge mine was 76.67 so my margin was even smaller. As I had added the fees to the loan with nationwide I didn't incur any costs, count yourself lucky if this is the case.

I went with first direct who offer 80 ltv deals but I fixed with them. The only other thing I can think of is having an internal survey done if the interior is nice, this cost me more but helped me feel more easy as I had renovated!

jayremoh

grogdog wrote: »

will make no difference they wont chage the valuation they have from their surveyor , your only hope is to show 3 sold comparisons which from what you say cant be done.

sorry thats wrong. ive done before.

i was selling old house at 163k, but person buying had it valued at 140k.

so we sent them similiar properties in the area and they changed their mind.

jayremoh

uzubairu wrote: »

That's your problem, they probably wont sell until they are more realistically priced, which might be around the region of your £180K valuation.

i cant find many properties that sold before.

only one i did find sold at 197k 12 months ago.

koexelek

There tends to be a trend at the moment where valuers are valuing properties at just over 75% loan to value, meaning that the client can still borrow, but at a more expensive rate.