Mortgage valuation

danielanthony

Hi,

I'm looking to remortgage in the near future and have used Zoopla to calculate the LTV I'm looking at. The problem is that it values our house at £206k but it values the two identical houses either side of us at £246k and £248k. We bought this place nearly two years ago and got a bit of a bargain as the sellers wanted a quick sale, but now I fear our bargain purchase price has made the automated valuation programs undervalue our home.

So, if I called the mortgage company to remortgage, would they do a Zoopla style valuation and, if so, would there be any way to try and challenge this?

I am confident these valuations are roughly correct as one of the houses next door to us just sold for £240k. So why would mine be £206k?

dimbo61

The same thing happened with me and the 3 houses which are all the same had 3 different values.
See what the mortgage company come up with and if you have to then get a valuation via the lender to give a current value.
They will check recent sales and notice that next door sold for £240K so yours is worth about the same

CloudCuckooLand

Ignore Zoopla. It is totally arbitrary and contradictory.

As you have found it cannot take into account local conditions. Your place might have been a gutted repo or a palace, the stats cannot tell the difference and just apply the average indices to the price you paid. You got a bargain, so n% +/- since then = Zoopla's guess.

A lender will use their own in-house computer initially. If that wasn't any use, you could ask for a real survey, to look at the local market etc.

Mathew

Zoopla is wholly inaccurate, pay no attention to it. I had a similar problem whereby over a 6 month period the price varied 30%!!

I found that if a lender disagreed with my valuation they sent somebody to value it, this ended up in our favour.

Wh05apk

If you bought cheap, then an automated value will also be low, as it base it on what you pay, few lenders will use these for valuations, most will do a "proper" valuation.

I would suggest applying for the best deal, assuming it will not cost you for a valuation, and see what comes back.