re-valuation of flat

accountingbod

Good morning

My question is, has anyone had a revaluation by your current provider when taking out a new product and in your experience has it been worth it?

ie. has the valuation fee been worth paying against the risk that you may get the same result back making it a waste of money?

Thanks

Dave_Ham

Silly answer I recognise, but it really depends on how much the flat is valued at on the computer (indexed typically) and how much it is actually worth.

Given your username I am confident you would have done the maths to see what you need to get to for the next product range and therefore yes usually it is worth it.

If I have had 10 clients undertake a re-valuation, typically 7 of those have had it increased.

Be mindful though the bank knows what you paid for the property, so if you paid £100k in 2008 and you have painted the walls, done the garden nicely and got a new cooker they will not value it at £130k now, just because one is up for £140k down the road. They only use "sold" prices.

Ok - my example was silly but hopefully you take my point...

accountingbod

Thanks Dave

Yes, we are close to the next product range.
We bought at £156,000. Our current mortgage is £120k approx.
The step to 75% ltv is £117,000 so we are about 3k away.

Two flats in the block have sold for £161,500 and £162,500 since ours was bought. To be honest even a valuation increasing ours to £160k which is under these would bring us to the next product range hence why i am keen to try it.
I am going based on sold prices as i have not made any improvements to the property although it is in good nick!

Just wanted to double check i wasn't throwing money at something i had no chance of achieving.

Dave_Ham

Boy this does look tight - you have some good comparables though so odds in your favour..

Good luck