remortgage valuations

The_White_Horse

I am currently in the process of "ditching my fix" to go to a lower rate. I have done all the maths and it works.

Only problem is the usual 75% LTV.

How bad are things looking? Are valuers really tight at the moment?

If you seem a "good risk" ie high earner, no debts, are the lenders willing to be a bit reasonable ie if the valuer says the value is X and that means loan is 77% etc, if the bank wants your custom are they likely to say, ok, we will call that 75%?

Any experiences welcome. I really want this new rate, but I am really worried that the LTV will be more than the 75% required.

A house sold in my street (same as mine) for X last July (08). I put that figure in the Nationwide House Price calculator and according to that, I would just scrap the LTV 75%. But who knows.

beecher

Work out the peak price and take 20% off. If you're still under 75% you've got a stronger chance than if you aren't. Other than that I think it is hard to say.

The_White_Horse

nah, if I do it that way, i am over 75% LTV.

this is awful. who cares what the house is worth (within reason) - i am not moving!!! The new rate means I will be paying hundreds less a month than I have been for years - without ever missing a single payment. A pretty safe bet really!!!!

bleeding credit crunch.

beecher

The_White_Horse wrote: »

this is awful. who cares what the house is worth (within reason) - i am not moving!!! The new rate means I will be paying hundreds less a month than I have been for years - without ever missing a single payment. A pretty safe bet really!!!!

bleeding credit crunch.

You're still going to get a better rate than people with an LTV of 90% plus, and you were never going to get as good a deal as people with an LTV of less than 60%. Such is life. Maybe you'll be lucky - who knows. Surely it isn't the end of the world though?

The_White_Horse

not the end of the world. but certainly annoying.

what is more annoying is that i have spoken to a number of local estate agents, and they would value it a sum which would put me in the 75% bracket.

if the bank's valuer disagrees, we can't even argue!

dylansmum

Hi

EAs value differently to banks. But for what it is worth I had my house revalued by a bank surveyor two weeks ago (in case I decided to switch mortgages - but sticking for now after lovely advice from people here). I had no clue to its current value due to changes in house prices and the fact that my house is a wee bit unusual to others on my street. I had valued it myself at far less than the bank. My house was valued at 145K and I had thought around 125K. So not all doom and gloom. Certainly, if I had decided to fix (I am on SVR) my house's equity was much larger than I thought.

Still, I live in an area where houses were selling for between 16 and 55k in 2000!

The_White_Horse

cheers for that news. cheers me up a bit.

i am firmly in the commuter belt on the very outskirts of London.

tcb1973

Nice one - good to hear some positives!

When did you buy it? You muxt be well chuffed:T

rlc22

The_White_Horse wrote: »

if the bank's valuer disagrees, we can't even argue!

You can dispute the surveyor's valuation, but you will need evidence to back-up your side as the surveyor should have comparables to show how he/she determined the value...

dylansmum

Well - commuter belt more pricey than South East Manchester!!! It is worth giving it a go - you might be ok. Our's was done by Halifax surveyor.

tcb: Bought mine in 2000 for 35K but it was a shell that had been left to rot for 15 years (but BIG house) so cost lots to do up - new garden (was concrete plot with bike ramp!), garage (lots of land) new bathroom, kitchen, roof, drains, restored fireplaces, new wooden windows (rotted), damp profoing, leectrics, joists - and on and on. But got 80K equity during downturn, so even if things bomb and bomb should be ok - and overpaying mortgage to get shut (well shortly now free of other stuff and earning more!).

The_White_Horse

rlc22 wrote: »

You can dispute the surveyor's valuation, but you will need evidence to back-up your side as the surveyor should have comparables to show how he/she determined the value...

now that is good to know!