Remortgage valuation has undervalued home-should I make a fuss?

shoppingnoodles

Hi there.
I have applied for a remortgage with Skipton BS and they have valued my home at £7000 less than I bought it for last year. Property prices have risen in this area and I got a pretty good deal when I bought it, so I know that the valuation is wrong.

The amount of the mortgage is only about a third of the property's value, so it doesn't affect me actually getting the mortgage, but I'm really cross that they have undervalued my home. It must have been a "drive by" valuation, as I nobody has even knocked at my door, let alone looked at the property.

Do you think this actually matters? Should I be making a fuss about it, or is it just my feelings tha have been hurt?! I would really appreciate your thoughts on this.

Thanks in advance.

herbiesjp

shoppingnoodles wrote:

Hi there.
I have applied for a remortgage with Skipton BS and they have valued my home at £7000 less than I bought it for last year. Property prices have risen in this area and I got a pretty good deal when I bought it, so I know that the valuation is wrong.

The amount of the mortgage is only about a third of the property's value, so it doesn't affect me actually getting the mortgage, but I'm really cross that they have undervalued my home. It must have been a "drive by" valuation, as I nobody has even knocked at my door, let alone looked at the property.

Do you think this actually matters? Should I be making a fuss about it, or is it just my feelings tha have been hurt?! I would really appreciate your thoughts on this.

Thanks in advance.

If it doesn't affect the mortgage then I wouldn't worry.:j

dunstonh

Who is to say that you are correct? How do you what instructions they are under for valuation purposes?

If it doesnt matter, why are you bothering wasting time on it?

Houses do not come with a price tag. They come with an opinion on value and differences are to be expected.

jamief

I would suggest that if a surveyor has valued your house at a particular price, then that is what it is worth. If you paid more than that, it sounds like you may of paid too much - was it the same company that did your original valuation when you bought it as did it now?

Rick62

No it does not matter at all and you should not feel slighted in the least.

This is a mortgage security valuation only, it is not suggesting that this is what the property is 'worth' or might sell for, the lender has asked a valuer to confirm if the property provides adequate security. Due to the low loan to value the valuer has done a desk top or drive by, assessed average values on a consevative basis and told the lender yes the propeerty is worth well more than the mortgage. As you say he has not even seen the property.