Contesting a Lender's Valuation for remortgaging. Please Help.

JoeK_3

You should be aware that lenders see the property market at the end of the property market bubble and as a consequence have all started to down value UK property.

Especially for remortgage purposes.

Other than contacting three estate agents about properties sold in your area and having these available to show to the valuer that's coming, you have done everything possible to try and have your property revalued.

JoeK

MarkyMarkD

You said that your existing lender doesn't have any fixed rates. That's a bit strange. Are you sure this isn't a temporary thing, as many lenders have withdrawn fixed rates for re-pricing but they'll only be out of the market for a few days or weeks?

It might be worth reconsidering staying with your existing lender as it will often be cheaper and a lot easier to do so. And, of course, your existing lender won't require a valuation.

Redzim

L&C told me the current lender didn't have any fixed rates so I hadn't actually checked myself. You're absolutely right - if the full valuation doesn't go my way I will try to stay with the current lender (although by this stage i hope to have the estate agents letter confirming the sale price of the flat beneath me for £225k more than they're valuing mine at - maybe that would sway them!)
Thanks for your help

MarkyMarkD

Goodness me, Redzim! Never believe a mortgage adviser without consulting your existing lender.

It would be a classic way for an adviser to make money out of you if they were naughty.

Who was the existing lender, as it is very easy for people on here to advise whether L&C are misleading you, and if so you should ask them to refund the valuation fee as they may have misled you into making an unnecessary mortgage application?