remortgage valuations

staffie1

The_White_Horse wrote: »

this is awful. who cares what the house is worth (within reason) - i am not moving!!!

Well, you're not moving...unless you can't keep up the repayments in these tricky times. Then you will move, rather forcibly, and the bank will want their money back. That's when the value of the house will matter enormously

rlc22

The_White_Horse wrote: »

now that is good to know!

Just make sure you have the supporting evidence though as I know a surveyor whose valuation was disputed despite the fact that he had good comparables of other properties that had sold and others that were being marketed.

The people doing the disputing had nothing to support their assertion that the flat was worth more, so therefore not a leg to stand on!

Look at the sold prices on rightmove to see similar properties in your area that have sold recently so you're going in prepared to begin with. Also take a look to see what's on the market that could be used as a comparable.

Also remember that a surveyor doesn't care about how much you want to borrow, just what the property is worth, so although your mind is on the 75% LTV it won't even cross theirs - they will purely be looking at how much it's worth based on all the information that's out there.

The_White_Horse

yeah, i see that, but 75% - 80% it won't make that much difference to the bank.

plus, i will be paying off more capital each month before I have to sell.

rlc22

The_White_Horse wrote: »

yeah, i see that, but 75% - 80% it won't make that much difference to the bank.

plus, i will be paying off more capital each month before I have to sell.

I mentioned it more to mean that they won't be vindictive and "screw you over" by down-valuing just enough that it takes you out of the bracket!

The_White_Horse

rlc22 wrote: »

I mentioned it more to mean that they won't be vindictive and "screw you over" by down-valuing just enough that it takes you out of the bracket!

i uess I am just cynical!! lol