Low Valuation - help!

zuzuspetals

Deleted by the op

Morgage_Confused

Theres nothing to worry about....your not selling it are you. Just stay on the SVR for now and ask the bank how much you need to get the better deals.

It looks to me like you need to pay down about 2.2k to hit 90% LTV. The deals might be better at that ltv.

Simon_gloster

You've actually done quite well ro get the property nearly the same price now as what you paid for it 5 years ago.

Kitchens eg add no value. Adding floor area living areas add value. On a flat I understand that might be tricky.

You could always try another lender that doesnt charge up front fees and a free valuation........although too many credit searches may impact your ability to obtain credit short term.

littlesparkles

I am in a similar position. We bought our flat in 2006 and are in the process of selling it. We have accepted an offer of 1K less than what we paid 6 years ago. During the past 3 years we have spent around 10K getting a new kitchen and bathroom, and redecorating. It is disheartening but we are pleased to have (fingers crossed!) sold seeing as the market here is very slow and most prices have dropped below the 2006 prices. If you are not selling then it isn't really a problem. We have been on the SVR for 3 years since our fixed rate ended and the lender revalued our property at a very low figure so we couldn't obtain a good mortgage rate. The SVR is a lot less than our fixed rate was anyway. I hope things work out for you!

zuzuspetals

Thanks, I guess I've been very naive. I've been worried about remortgaging for a while. Was turned down by a couple of lenders (before the valuation) because I'm on a together mortgage which is part loan/part mortgage and it counted as capital raising apparantley, even though my redemtion statement shows a single balance that needs to be paid.

CBR600F_2

Step 1. Go to zoopla.co.uk
Step 2. Click on the 'Current Values' tab along the top of the screen
Step 3. Type in a flat or house number of a comparable house or flat to yours in the same locale
Step 4. ???
Step 5. Profit!

Simon_gloster

Zuzu

Correct, it is considered as capital raising as the top up is a personal loan. Only secured lending is considered on a debt for debt basis.


CBR.....you failed to make me laugh then, or didbi just not get step 4? I look forward to your blunt hilarious posts. Press gamble and try again.

zuzuspetals

I guess that's going to make it even harder for me to get another mortgage!