Finding out your house valuation and LTV

angeljay

Maybe a stupid question but I don't know the answer.

How do I find out what my house is valued at exactly? I am looking at remortgaging in the future and want to know my LTV whether it is over 90% or under. But I am unsure how to get it valued without getting an EA in?

Any advice would be great.

Bargain_Rzl

If you're looking at signing up to a new deal with your current lender you will probably find they use generic calculations based on your area, your last valuation date and the value of the property at the time: see the Nationwide House Price Calculator for guidance.

If you are thinking of changing lenders they will want to carry out their own valuation, which may in some circumstances be a lot more conservative.

angeljay

Thanks for the reply.

I cannot stay with my current lender as they are northern rock. My ex partner wants me to get a valuation of the property. The only way I can see round this is getting an estate agent in? Is this correct?

clairehi

Getting an EA in will not help.

Copying and pasting my reply to another thread:

The only valuation that really counts is the one commissioned by the lender. What an EA (estate agent) says holds no weight with them.

A lender will either give you a "desktop" valuation calculated from a computer model and/or will send out a valuer to do a "physical" valuation. For us there was a £27K difference between the "desktop" valuation we received and the value agreed by a real valuer, so there is hope. (and our house worth a bit less than yours)

A number of lenders will offer free valuation for a remortgage (RBS, Abbey spring to mind) and no upfront fee. if they downvalue your house then you can walk away at no cost.

However these do not necessarily offer the best rates. It may be worth risking a few £100s on a valuation for another lender if you can find a better deal.

Unless your house is in an unusually bad state of repair I believe valuations are derived based on "comparables" ie actual house prices of similar properties in your locality sold recently. Mouseprice is a good source of info on individual properties. Also the LR have a house price index which gives you average prices for your local authority area by month. you could use this to work out the value now, based on how prices have changed since you bought in 07.

www.landregistry.gov.uk/

hope this helps.

Dick_here

Bargain_Rzl wrote: »

If you're looking at signing up to a new deal with your current lender you will probably find they use generic calculations based on your area, your last valuation date and the value of the property at the time: see the Nationwide House Price Calculator for guidance.

This is the situation I'm in, and I'm with Nationwide in fact.

Their price calculator doesn't take account of the fact that the price we paid two years ago was in line with the state of the place then, and we've improved things since - double glazing, new kitchen, rewiring etc. I know prices have fallen, but how do I get our improvements taken into account for a current valuation ?

angeljay

Thanks for the replies:

The house i am in is owned by myself and my ex partner, i pay for it all but his name is on it.

He has lost his job and benefits believe he has over 16K capital in the house so wont give him benfits.

He wants me to get a valuation for the house, i need this as well due to trying to take him off the mortgage and getting a family member added (I dont earn enough to cover it)

Is the only way then I can get a valuation is paying or EA for this circustance?

beecher

Can you phone up Northern Rock and ask them what they value the property at?

angeljay

I can do, would that be the valuation I give my ex then ?

beecher

It'll give you a better idea than an Estate Agent anyway.

clairehi

angeljay wrote: »

Thanks for the replies:

The house i am in is owned by myself and my ex partner, i pay for it all but his name is on it.

He has lost his job and benefits believe he has over 16K capital in the house so wont give him benfits.

He wants me to get a valuation for the house,

This is a completely different situation to what is described in your first post Suggest you ask Job Centre Plus yourself what evidence they will accept of a house valuation. But why would they want to know this, I thought the £16K rule applied to savings? Sounds dodgy to me.

angeljay wrote: »

He wants me to get a valuation for the house, i need this as well due to trying to take him off the mortgage and getting a family member added (I dont earn enough to cover it)

Is the only way then I can get a valuation is paying or EA for this circustance?

To take him off the mortgage means remortgaging and my reply above applies. An estate agent valuation will not help you re-mortage.

angeljay

Thanks for the reply, i have booked 2 EA but did not really want to go down that line, least now I have something to throw back at the A:mad: :mad: :mad: :mad: :mad: :mad: E .... I won't swear!!!!

Yes I know that a remortgage a valuation from an estate agent won't help. But what I am unsure of is what LTV I have, I have a mortgage of 97.5K and the house was bought in 2006 for 84K originally valued at 87K. I am unsure what my house is worth now thats my problem so I don't know what LTV i have (if any) in the property. There is a property on my street not as newly renovated as mine that went up at 107K in June 08, but is now at 103K which was changed in Aug 08. This is why I want to know what my property is worth.