YBS Valuations

mmcmahon

Has anyone had any recent experience with YBS valuers?

I bought my house for £195,000 in April 2008 with a 10% deposit. My current fixed rate comes to an end soon and I would like a new 2 year fixed deal. The current rates are -

5.29% (LVR 85% - 90%)

5.59% (LVR 90.1 - 100%)

They told me on the phone that they have my LVR at 98% which I think is way out. I work for a property marketing company in IT and regularly complile stats for universities on house prices. I'm in Scotland and house prices in my area over two years have only fallen 0.4% according to our stats. Having paid the mortgae for two years will also bring the total down to £170,500 by my calculations.

Anyway, YBS will send out a valuer for £75. I just wanted to get opinions on whether it is worth doing this, are they likely to be independant or are they more likeley to offer a low valuation?

Thanks

Charterhouse

For £75 it is definitely worth it given that the difference in the 2 rates is worth more than £75 after only 2 months. You should have some evidence of local sales prices and perhaps some comparables to show him - certainly don't expect him to give you a higher valuation unless you give him compelling reasons to - he will be initially looking to protect the lender.