Free Bank Valuation Or Paid Surveyor Valuation??

CRAIGSVILLE

Hi,

Looking to re-mortgage and get the best LTV as possible, but the prospect of a bank/building society ordering a free 'drive- by' valuation shocks me.

We have recently had a large extension built and also bought an extra piece of land from a neighbour to give us a very large garden.
There are no houses in the area like ours after all the work, so a surveyor can't compare recent 'sold' prices to come up with a 'magical' valuaton price.

Would a local surveyor valuation report, which would cost approx £200 be a better idea than a free ' drive-by ' valuation, AND would the bank/building society accept a valuation not valued through their surveyors??

Thanks

Craigsville

Thrugelmir

Are you intending to increase your mortgage during the remortgage process?

CRAIGSVILLE

Thrugelmir wrote: »

Are you intending to increase your mortgage during the remortgage process?

Yes, I will be increasing it a bit

opinions4u

Lenders do not automatically do drive-by valuations, even for free valuations.

If the LTV is low, and the credit score result is high, then a drive-by is more likely.

If you make it clear that you have had recent structural work done, or the LTV is above 75%, then the chance of a "real" valuation becomes a lot higher - which would still be at the lender's expense.

Ultimately, I wouldn't let this guide your decision in choice of lender. What's the worst scenario of a free drive-by taking place? The lender gets a bill from the valuer and you take your business elsewhere.

CRAIGSVILLE

opinions4u wrote: »

Ultimately, I wouldn't let this guide your decision in choice of lender. What's the worst scenario of a free drive-by taking place? The lender gets a bill from the valuer and you take your business elsewhere.

The lender I was thinking of was the YBS, and once the valuation is instructed, there is a non - refundable £195 as part of the product fee, which I would lose if I went somewhere else.
I think my LTV should be roughly 75 -80%, but if it was valued at >85% LTV on a 'drive-by', that would take the mortgage apr% up quite a bit, so I would be very peeed off if they didn't look inside the house.

I think I will give them a phone , to double check the valuation process

Thanks for your help

Craigsville