Remortgage Valuation

Phil3822

Hi all, current mortgage fixed deal ends in March and this will be the first time remortgaging. Purchased the property March 2009. The property was valued at £102000 when we purchased it and we now owe £77000. I am interested in learning more about how valuations work when remortgaging.

Do they come round? Are there any ways I can improve the potential result? What happens? Nothing much has changed since last valuation in or out the property.

To be honest I would be happy with £102000 valuation but guess we will find out.

Any information anyone can provide about this process would be great.

kingstreet

Are you remortgaging to a new lender, or doing a product transfer with the current one?

If it's the latter, chances are your current lender will use a desktop system called HomeTrack.

If you are moving your mortgage to a new lender, it will normally ask a surveyor to visit the property to establish its value.

As you are right on the 75% borderline for the better products, I would imagine an inspection would be better for you.

Talk to your current lender before you start shopping around.

Phil3822

Thanks Kingstreet. I have not started the process yet. I am currently with Platform on a sub prime deal at 10.7% hence wanting to move when I can. Probably onto a lifetime tracker as I doubt even with rate rises I will be paying what I am now for a while. I know Platform are part of the Co Op now so not sure if any of there more main stream deals would be available to me as a cross over rather than new lender if that makes sense. Credit file is just about clear now so am hopeful but the LTV worries me a bit hence this thread. Why is it better for them to come out and visit? Thanks again.

Meeper

Better for them to come out when you are close to the 75% ltv cutoff as the online valuations are generally inaccurate on the side of cautious.

Depends on what your sub-prime is, and what the current state of your credit file looks like. I would get a copy from experian (just the £2 one will do) and take it to a mortgage adviser who can find you the most appropriate solution from the marketplace.

Phil3822

Late response from me but thanks for replies here. All credit files checked and looking clean. I will be taking these plus all other bits to broker shortly.

Are there any tips or quick fixes to increase possible valuation? Also, I read somewhere on here that when applying I have to put an approx/guessed valuation. Does this ever hold any weight?