Nationwide payment holiday and valuation of our house

saz2696

Hello everyone,

I'm currently pregnant and on maternity leave very soon. I'm wanting to take a payment holiday from my mortgage but they say I cant because i'm not within 80% of my mortgage. The reason they think we are not within 80% of our mortgage is because they are using a hpi calculation of what our house is worth saying that it is only worth £164,000, when it is clearly worth more. Next door sold under a year ago for £177,000 and our house is alot better condition than theres. Also there is a house the same style as ours down the road from us currently for sale at £188,000. How can I challange what they are valueing our house at? I have met all the criteria for having the payment holiday I just need them to see what my house is really worth. Anyone else ever had a similar problem?

Thanks

smartiedriver_2

The only option would be for you to ask the bank to organise a professional valuation (at your cost) to prove it's worth what you think it is.

But obviously, if the valuation didn't support your request, you'd have wasted your money.

Thrugelmir

saz2696 wrote: »

I just need them to see what my house is really worth.

In the current market your lender may well take a different view. As selling a property at auction will realise a far lower value than the one you perceive.

Your lender will not wait 6 months or longer before a suitable purchaser materialises before selling the property.

Yorkie1

I suspect that the advertised price of the house down the road won't be considered relevant by NW; it is an indication of what the seller thinks it is worth, not of its true value. If they accept an offer at 90% then that takes you down to under £170K sale price.

opinions4u

saz2696 wrote: »

I'm currently pregnant and on maternity leave very soon. I'm wanting to take a payment holiday from my mortgage but they say I cant because i'm not within 80% of my mortgage.

Which is their right.

The reason they think we are not within 80% of our mortgage is because they are using a hpi calculation of what our house is worth saying that it is only worth £164,000, when it is clearly worth more. Next door sold under a year ago for £177,000 and our house is alot better condition than theres.

Many years of dealing with mortgages in a face to face branch environment tells me that EVERYBODY'S house is better than the one up the road.

Also there is a house the same style as ours down the road from us currently for sale at £188,000

If it was up for sale for £250,000 would you believe it was worth that? Advertised prices are, to put it bluntly, meaningless in this market.

How can I challange what they are valueing our house at?

The fairest way I can think of is a lender's valuation being carried out. At your expense.