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natwest remortgage valuation lower than expected
jee
Posts: 288 Forumite
Hi
I'm remortgaging my residential flat to BTL with Natwest and the valuation they have come back to is 10k lower than I expected. In fact no flat has been sold that low in the area and I thought my initial valuation erred on the side of caution.
They've said it's been referred to the underwrite now but didn't explain further. What actually happens now?
My LTV for the property is still below 75% even with the new lower valuation- it's gone from 66% to 72%
I'm remortgaging my residential flat to BTL with Natwest and the valuation they have come back to is 10k lower than I expected. In fact no flat has been sold that low in the area and I thought my initial valuation erred on the side of caution.
They've said it's been referred to the underwrite now but didn't explain further. What actually happens now?
My LTV for the property is still below 75% even with the new lower valuation- it's gone from 66% to 72%
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Comments
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My situation this time last year was exactly the same as yours in all respects. As you didn't need more money and the LTV is still within their max 75% LTV then nothing happens, it should all be fine.
Are they actually putting you on a BTL mortgage or granting you a consent to let on a resi mortgage?0 -
Thanks. I'm moving from a Halifax residential mortgage to Natwest BTL.
Is this going to add more time to the mortgage approval process?0 -
In my case I was remortgaging with my existing mortgage provider NatWest which is how I read your email. Yours is a new facility whereas mine was an additional facility so yours will involve additional processes such as taking a charge (and Halifax releasing the charge) but it should all be quite straightforward. I think 'referred to the underwriter' means passing over to someone with at least a modicum of credit training rather the customer service staff who will have taken all your details. I don't think it is usually a referral as such, merely the next stage in the process although it is the 'underwriters' (sounds grand but I don't think they are in any way high powered jobs) who would look into any referrals that did occur.0
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Is the rental income valuation alright?
125% of mortgage interest at 7%?I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
They didn't give me a lot of information...only that it's been referred. They weren't very forthcoming giving the valuation either.0
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I've just had a look at other sales same and neighbouring roads the valuation is £15,000 less than other flats sold less than a year ago. Is it worth disputing the valuation?0
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