Property Valuation Question

carlosthejackal

I am remortgaging and looking around for a deal. Say for example I see a good deal which requires an 85% LTV, but I'm not sure if my LTV is 85% or 90% would it be worth trying to apply anyway? Could in theory they say yes you can have the mortgage in principal, send someone round to value the property who values it at less than I think, which means I dont meet the 85%, leaving me with a valuation fee and no mortgage deal?

Sorry if this is a stupid question!

funfunder

I would suggest that you do a online check on the value of your house and then knock 20% off then see what You come out with.

carlosthejackal

Thanks but that doesn't really help answer my question.

JQ.

Yes, they can value it for less than the price you agree, which would have implications on your LTV. And if that did happen you would be liable for your costs, although I think you could transfer the mortgage application to a different property.