Valuation query

figgyroo

I was wondering if anyone has had a valuation done for a mortgage lately and knows how low they are coming in with the valuations (in particular A&L)?

I am looking at the A&L fixed for 5 yrs, 65% LTV, and they have told me you need to pay the valuation fee of £320 upfront, which is refunded upon completion. If, however, you don't get the valuation you need the fee is not refunded.

My house was valued in April 2008 by an estate agent at £200k and by the Halifax for a remortgage at £181k. It has just been valued by an estate agent at £170k. I need the A&L to value at a figure higher than £146k to fall within the 65% LTV. Does anyone think they might value lower than this figure?

Thanks.

Sportbilly_2

I'm starting to fret a little about this myself. My Halifax mortgage account summary gives me an equity figure for my house, based on the 'Halifax indexed-linked valuation', of £170,000. This would fit in with a very similar property currently on the market for the same price. I recently got a 'desktop valuation' while I was enquiring about an HSBC mortgage of £157,500 though. This would put me a few thousand below the 65% LTV. So if anyone has any info on how the A&L valuations come out, I'd be very interested to know as well.

figgyroo

Somebody on here must have had a valuation done recently for a remortgage????

I really need to get on with arranging it, but can't afford to throw £320 away if there is little chance of falling within 65% LTV....

Gwalia

Hi, we just had a valuation done with the Skipton about 10 days ago. House was £235k and 'in need of modernisation' at end of 2005, £225k and 'fully modernised' last week. So less than the Halifax calculator I think. House would need to be worth less than £200k for 60% LTV to become a problem for us.

All the best.

TEDDYRUKSPIN

It is really stupid for you to compare to another person who may not live in your area. Different areas have different rates of depreciation. Therefore, I suggest you either pay up the valuation fee or use another lender who provide you with free survey such as HSBC, halifax etc. With the current market, the house value is decreasing everyday but at different rates.

I do know that HSBC actually have a phone line that their mortgage advisors use to valuate your home.

Robert_Sterling_3

TEDDYRUKSPIN wrote: »

I do know that HSBC actually have a phone line that their mortgage advisors use to valuate your home.

Are you implying that they get a valuation over the telephone and nobody enters the house being valued.

Sportbilly_2

Robert_Sterling wrote: »

Are you implying that they get a valuation over the telephone and nobody enters the house being valued.

When I phoned them to arrange a mortgage, the bloke said he was going to get a 'desktop valuation'. Unfortunately, this was right at the end of a 40 minute long application, and the valuation I got pushed me well below the 60% LTV they were looking for.

chivers1977

If it is remortgage, then they may use an automated valuation based on market values etc so may not enter the property. This is the case for Barclays mortgages

figgyroo

TEDDYRUKSPIN wrote: »

It is really stupid for you to compare to another person who may not live in your area. Different areas have different rates of depreciation. Therefore, I suggest you either pay up the valuation fee or use another lender who provide you with free survey such as HSBC, halifax etc. With the current market, the house value is decreasing everyday but at different rates.

I do know that HSBC actually have a phone line that their mortgage advisors use to valuate your home.

I went to see the HSBC last week about their 3.99% 5 yr fixed product. They said I would need to pay the £999 product fee before the valuation was done. If I couldn't get the product because of the valuation the £999 fee would be refunded. Obviously I would prefer the A&L deal if possible as there is no product fee. The advisor at the HSBC told me the valuations are done electronically.

nila248

Hi i have recently got a mortgage in principle through a broker from Abbey. I have paid for them to carry out a valuation survey on 06/03/09 but have not heard anything from them yet. Does anyone know how long they are likely to take to to carry out the survey, to me they seem to be taking vey long..

clairehi

I'd be interested to hear from a surveyor as to how they actually arrive at a valuation figure on the basis of a so called physical valuation. Being cynical I think they just go off recently sold prices, unless the house is obviously about to fall down or something.