Help House price de-valued by 30% in 3 months!!!

1984ReturnsForReal_2

You didnt lose £30k


You never had it in the first place

Aberdeenangarse

Sorry to hear that Marty. Looks like you gone back to the future.

marty4sh

1984ReturnsForReal wrote: »

You didnt lose £30k


You never had it in the first place

That's sort of what I am saying, it was valued by the same company 3 months ago at 105K and then valued again at 75K which is not representative of the market that would suggest it's been overvalued or undervalued. I just want to get to the bottom of which one it is. I don't think the comments, it's not worth it or you didn't loose 30K are very helpful and a bit pointless as you have know idea what my property is like or where it is or what it is worth.

Effectively if it was worth 105K 3 months ago and it is now worth 75K then I have lost 30K if it was not worth 105K when I re-mortgaged 3 months ago then I want to know why they valued it at that amount and then reduced it by 30% 3 months later

I dont know how much more simply I can put it????:T

marty4sh

Aberdeenangarse wrote: »

Sorry to hear that Marty. Looks like you gone back to the future.

Wish I could go Back to the past! Dont think the delorian is up to it nowadays! :rotfl:

Aberdeenangarse

marty4sh wrote: »

Effectively if it was worth 105K 3 months ago and it is now worth 75K

B ugger me :eek: at this rate you'll be in Negative equity by Christmas!

PasturesNew

marty4sh wrote: »

what a helpful lot you are on here! let me guess.....un-employed or bankers? or both?

Self employed. Although I don't do much, so it's like unemployed without the JSA.

PasturesNew

If the same company valued it, query it with them directly.

olly300

marty4sh wrote: »

I can afford my repayments and have never missed a credit card payment or mortgage repayment.....why don't we all just stop borrowing? the only industry we have left on this baron rock will come to a grinding halt! My point is my property was valued 30% less in 3 months and this is what I was asking for help with not whether I could afford my repayments. what a helpful lot you are on here! let me guess.....un-employed or bankers? or both?

Just because you can afford the repayments doesn't mean you should take the money out.

BTW self-employed also

IveSeenTheLight

marty4sh wrote: »

Effectively if it was worth 105K 3 months ago and it is now worth 75K then I have lost 30K if it was not worth 105K when I re-mortgaged 3 months ago then I want to know why they valued it at that amount and then reduced it by 30% 3 months later

Presumably when you remortgaged 3 months ago, you were able to get a better mortgage product because of the equity you had.

If it was overvalued then, then possibly you have scored by getting a lower mortgage rate.
It might not be worth rocking the boat too much and look at alternative options of securiing the finance you need.

how much do you need anyway?

1984ReturnsForReal_2

marty4sh wrote: »

That's sort of what I am saying, it was valued by the same company 3 months ago at 105K and then valued again at 75K which is not representative of the market that would suggest it's been overvalued or undervalued. I just want to get to the bottom of which one it is. I don't think the comments, it's not worth it or you didn't loose 30K are very helpful and a bit pointless as you have know idea what my property is like or where it is or what it is worth.

Effectively if it was worth 105K 3 months ago and it is now worth 75K then I have lost 30K if it was not worth 105K when I re-mortgaged 3 months ago then I want to know why they valued it at that amount and then reduced it by 30% 3 months later

I dont know how much more simply I can put it????:T

Mortgages valuations have a degree of flexibility.

When you are then taking on a loan on your equity you are taking away any flexibility.

From mid August it has very apparent (100% sure) to the banking sector that house prices were going to take another hit.

So what you have is an adjustment of mortgage valuation & an adjustment in value & future value.

If you would of done all your paper work prior to mid August you probably wouldn't have had an issue.

Now the only hope you have is finding the recent price of a similar sold property in your area & fighting your case but still they will take a chunk off of that sold price.


I have highlighted the above because after all we do know what your house is worth because its just been valued properly & you fail to recognise it.

The banks valuation will be a hell of a lot more accurate than any estate agents.