Remortaging house - How does house gets valued?

agile83

Hi guys,

Quick question I hope - Im unsure as to what happens when I come to remortgage my house in November. Although I put down a 10% deposit on my house and will have potentially another 4k to pay in a lump by november, Im thinking i may well be close to negative equity.

However im lucky in as much as my parents could give me a few extra thousands on the off chance that im on the cusp of getting an 85, 90 or 95% deal.

My question is, do my current lender ( A & L) do a valuation if i advise them that I want to fix with them instead of defaulting to their 4.99% SVR?

Or if i call another lender, do they do one for me - I really need an idea of how much I need to put down to get myself to the 90 or 95% mark.

Hope this makes sense, cheers

sujman

I am in the process of re-mortgaging (with a new lender) and I was charged £200 for a house valuation.

bob2

Don't know about A & L but some lenders just do a revaluation for existing customer remortgages by refering to house price index data - with no visit and no valuation fee. In which case you can just call them up and ask what they put your current value at.

RufusA

For me A&L are happy to simply switch deals to whatever is available for existing borrowers.

No valuation, no proof of income, no affordability questionairre.

Simply phoned them up, they popped a Key Facts Illustration in the post and I just needed to sign the deed of variance to accept it.

Obviously this wouldn't be the case if you needed to change the amount you were borrowing!

Worth phoning and asking as in the past I've always found A&L staff very helpful on the phone, and from memory they will usually let you reserve a deal six months in advance.

HTH - Rufus.

lfckerry

When you pay to get a valuation from current lender or new,how good are they?have the valuations been based on houses prices in the area or just the prices they somehow come up with based on postcode?
I had my house valued by A&L (Current mortgage provider) and i dont agree with it. they offered to send someone out for a fee but dont know if they will give me a proper valuation or just come back and say the same? has anyone done this and been given a higher valuation? sorry to hijack the thread:o