house valuation halifax index

Damaged

metalgal wrote: »

We have a mortgage of approx 113k with chelsea builing society. our fixed rate ended a while ago and we are on their svr. i was wanted to change it to a fixed rate (i like the security) and telephoned today to enquire. i was told that my house is valued at 97,701 as per the halifax price index. our last valuation was done in august 2007 when we got the mortgage with chelsea and it was valued at 172k. this obviously made me weak at the knees but it also shocked the advisor on the phone. she made sure it was the right postcode even checked with someone else if their could be a problem. i was recently looking at houses for sale in the area, its an old council estate all the houses are essentially the same and one was 145k there were others for less but they needed "modernisation". the advisor said we could have a revaluation but it would cost £75 but if our house is valued similarly we would have a much much lower repayment but if it still at 97k we are out £75.

i posted this here as i want to know has anyone else heard of such a dramatic drop in 3.5 years? obviously we got the house at the height of the boom but we thought we weren't in THAT much negative equity as we did have a ltv of 66%. back in 2007. we live in northern ireland which hasn't recovered as much as the mainland, but still a drop of 44%???? would it be worth having the revaluation?

yes had a similar thing with the bank, but I got a valuation done and it was fine.
So bite the bullet and do it, its only £75