Nationwide - calculating property value?

Redbedhead

Our fantastic mortgage rate is coming to an end later this year and we already have one mortgage that is on the standard variable rate with Nationwide that I am keeping an eye out for a good deal on.

Can anyone tell me what Nationwide use to calculate the property value when calculating your loan to value? I know they have a basic calculator on their website but that doesn't take in to consideration any works done on the property etc. In circumstances such as those will they do a valuation?

At the moment we are borderline on the 75% LTV and so the valuation could make quite a difference to the mortgage rate we get offered.

Thanks

Redbedhead

Anyone able to help?

colboy

Hi red

We changed deals in December and although the nearby houses were going for around £150000 Nationwide valued the area at £113000, no questions asked about the improvements. When I asked about it I was told it was policy to undervalue to be on the safe side.

Redbedhead

Thanks Colboy. Unfortunately I thought that might be the case. Fingers crossed that when our current deal finishes that the housing market has recovered slightly or we have got the mortgage down to a lower amount!!

Lynn11

We are also with nationwide and I phoned my local branch and spoke to a mortgage advisor to find out the fixed deals they have available. They had valued our property in 2006 and from this was able to tell us what there valuation is for now which they would use when we switch to a fixed deal - no valuations. it maybe worth a phone call.