Valuation query

benjo

I got an AIP on Friday, got a call today to say the surveyor is going tomorrow (tuesday) at 9am - will let you know how it goes.

Margin_Walker

The desktop valuation mentioned here is known as a mrket value estimate. They take the post code, type of property, number of bedrooms, est value ect and run it through some software to come to an estimated value. For example this may be 200k. Along with that there will be a value range that they will be pretty sure it will be between, ie 170k to 230k.

On a remortgage this is the first type of valuation they will attempt. If the valuation is close in any way(not sure of the exact %) or if the property is undervalued they will order a proffessional valuation where someone will visit your home. Essentially it is used as a tool to save the bank money and the customer time by not doing a full valuation on properties that are obviously well within the criteria specified.

A 'proper' valuation is still needed on all purchase applications

Sportbilly_2

So it would be worthwhile asking A&L for a desktop valuation prior to applying?

figgyroo

Sportbilly wrote: »

So it would be worthwhile asking A&L for a desktop valuation prior to applying?

I spoke to A&L today about this. They said the valuation they do is electronic, but you need to pay the valuation fee of £320 upfront when making the application. Once they had accepted your application they will instruct the valuation and not before.

I decided to bite the bullet and applied today. I've paid the valuation fee and it has been referred to the underwriters. I'll let you know how I get on.

MrC-117

When I remortgaged with HSBC in April last year they didn't come round for the valuation. Not sure if they've had a policy change now that the banks are worrying about money more, or if you're well within the limits they're less worried. I was only borrowing about 60% of the house value and needed to have 75% LTV.

clairehi

We had our house "physically" valued yesterday obo Post Office/Bristol and West.

The valuation was £27 000 HIGHER than the so-called desktop valuation, on the back of which A&L declined to offer us the deal.

The figure given by the valuer is the same as the value I put on the mortgage application which was the price we paid for the house in April 06, I suspect this is not a coincidence!

So do not despair those who have been down valued by these rubbish computer models, there is hope.

figgyroo

clairehi wrote: »

We had our house "physically" valued yesterday obo Post Office/Bristol and West.

The valuation was £27 000 HIGHER than the so-called desktop valuation, on the back of which A&L declined to offer us the deal.

The figure given by the valuer is the same as the value I put on the mortgage application which was the price we paid for the house in April 06, I suspect this is not a coincidence!

So do not despair those who have been down valued by these rubbish computer models, there is hope.

Did you ask A&L if they would do a 'proper' valuation when the desktop valuation came in under?

Sportbilly_2

So A&L won't do a physical valuation, they'll just run it through a computer program, and won't accept you if their model gives you a valuation which means you're over the 65% threshold? And they charge you £320 for the privilege which you then can't get back. No wonder the mortgage is fee free, they'll be making that back on everyone they reject.

clairehi

figgyroo wrote: »

Did you ask A&L if they would do a 'proper' valuation when the desktop valuation came in under?

I did indeed and they refused to. I then rang up to get a redemption statement and explained were going elsewhere, they still refused. obv dont need the business.

clairehi

Sportbilly wrote: »

So A&L won't do a physical valuation, they'll just run it through a computer program, and won't accept you if their model gives you a valuation which means you're over the 65% threshold? And they charge you £320 for the privilege which you then can't get back. No wonder the mortgage is fee free, they'll be making that back on everyone they reject.

not sure if you are responding to my post, but A&L didnt charge me anything, they are not quite that evil. as an existing mortgage client they could see what we had owing on the house and how much we paid for it and their system told them we had more than 75% ltv.

I offered to pay for a physical valuation but they wouldnt allow me to.