Valuation of property for remortgage - how to get a generous one!

C_74

Hi,

I need to remortgage to pay for essential building works happening in my block of flats. I've taken a look at some rates, and also consulted a few brokers. My problem is that I need to get the maximum valuation for my property in order to raise money for these repairs. At the moment it looks as though a few grand will make the difference between me having a 75 or 85% LTV.

Obv I'm really keen to get a 75% LTV. I went to a mortgage broker based within an estate agent today. They recommended a rate, but I've seen better. They are inferring they will be generous with their valuation, so I may benefit from using them as they will use their own surveyor. The flats in my area are not selling at all and values have gone down more in the last 5 months due to social/environmental issues.

Do I make my own application for a more competitive rate with another lender, only to find they value it low? In that instance I may not be able to proceed as I won't meet the 75% requirement. Or do I go with the estate agent broker and pay a slightly higher interest rate?

Think I'm slightly obsessing now about getting the best deal, but at the same time I'm very constrained as I have to raise this money!

Thanks in advance for any advice you can give

C

Conrad

The broker is lying. All lenders are very cautious following the credit crunch and only use thier appointed valuers. Those valuers are liable for any over valuation. Trust me you are potentialy about to fall victim to the oldest trick in the book - pretending to have influence over ohters.

opinions4u

C_74 wrote: »

Obv I'm really keen to get a 75% LTV. I went to a mortgage broker based within an estate agent today. They recommended a rate, but I've seen better. They are inferring they will be generous with their valuation, so I may benefit from using them as they will use their own surveyor.

If the broker is influencing the surveyor to value to suit a mortgage case rather than give a fair reflection of market value, then that is a criminal offence.

The flats in my area are not selling at all and values have gone down more in the last 5 months due to social/environmental issues.

A local valuer will probably be aware and take this in to account.

Do I make my own application for a more competitive rate with another lender, only to find they value it low? In that instance I may not be able to proceed as I won't meet the 75% requirement. Or do I go with the estate agent broker and pay a slightly higher interest rate?

I'd go anywhere except the estate agent.

Think I'm slightly obsessing now about getting the best deal, but at the same time I'm very constrained as I have to raise this money!

You know what may well happen. Be prepared for it in your mind. The only way you'll influence a valuer will be to tidy the house before he gets there and offer him a cup of tea on arrival.

Other than that, you're not going to make the slightest bit of difference.

Let_Us_See

Agree with OP4U

C_74

Thanks so much for your replies......think a slight moment of panic (or wishful thinking??) was making me sway, but you're right. I can get a much better deal myself so time to just get on with it and see what happens!

Cheers again..