Finding out your house valuation and LTV

beecher

I can't see how you can possibly have any equity looking at those figures. Properties are at 2005 prices where I live, and I thought that was the case in most places. Your property is unlikely to be worth more than 85k or so. Your ex is still liable for half of this shortfall so you need to get proper advice on what to do. I'd cancel the EAs and phone up Northern Rock for confirmation that the valuation is in this sort of ballpark.

angeljay

Yeah I think thats the best Idea, i am happy to keep the house on with just me living in it for the time being and hope that in a few years the market picks up. But it is the ex who wants to be rid of it and "move on" after 18 months away!!!!

angeljay

When I decide to remortgage all being well I am not in Negative Equity when I am doing an online form how do I know what figure to put in as value of house?

Sorry about all this I am very new, this is my first mortgage and never remortgaged or anything!

Conrad

The answer is I'm afraid you just guess.

Most areas are about 20% down on the summer 2007 peak if that helps, although a lot of people have a notion the credit crunch somehow bypassed thier street / town, but this is never the case regardless of newspaper articles or statistics.

angeljay

Just phoned up Northern Rock and they don't give valuations for properties they can only go buy what I purchased it at in 2006 which was 84K.

See there is a house on my street that needs more work then mine at 103k so I would have thought mine may be worth 105 - 110K for LTV purposes.

beecher

Have you used the Nationwide House Price calculator upthread?

Is the house up for sale at 103k? Realistically it is never going to go for that price.

angeljay

Nationwide Calculator:

A property located in Yorkshire & Humberside which was valued at £87000 in Q2 of 2006, would be worth approximately £79517 in Q4 of 2008.

I purchased the house May 2006.

The house on my street went up for sale June2008 for 107500 and was reduced a couple of months later to 103000. Its still on rightmove so I assume still up for sale.

angeljay

I did not think my house would be worth so little, because just past a graveyard near me a house which needs modernisation and redecorating 2 bed is going at £69950.

angeljay

I just dont know what to do , i have two estate agents booked as I thought this was the only way to get a valuation.

Loop

Lots of previous people gave you advice on how to obtain a valuation.

Estate Agents valuations are worthless when it comes to mortgages.

Most valuations are coming in way under what people are expecting, and even less than similar houses in the area are worth often.

if a house went up for sale in that street that long ago, and no salem, its bound to be over valued. Houses are only worth what someone will pay for them, and people are offering low amounts, knowing this.

Do you need to remortgage?