Mortgage Valuation - Worth going to Nationwide from Britannia?

Annouck

Hello all. I received my valuation this week at a staggeringly low figure. To sell at that price would set a new record low for the road and the area, and this on a home with a brand new bathroom and in good condition.
Sadly, the package I chose via Britannia was a really good one - so good that it was only on the market around 3 weeks before it was withdrawn.
My next best alternative is with Nationwide, and I'd be keen to go with them as I also do all my banking with them - but they also use the services of Countrywide Surveyors. I'd require a valuation of £3k higher to get the mortgage I need otherwise it isn't worth it - and I don't want to be paying the fee only to find this out.
I will be challenging the valuation as it's ridiculous: never trust a valuer who says that they've "never been here before" is the lesson.
So, cut my losses and stay at Britannia and pay £40 more a month (which was probably the plan all along) or chance it with Nationwide and lose the £99 in case of the same valuation? :think:

brit1234

I would rather trust the valuer over an estate agent. The valuer in the long run could be saving you money.

ACG

http://www.zoopla.co.uk/house-prices/
Check the prices they have actually sold for - rather than the for sale prices.

Also which company did your valuation?
Chances are if you go from one lender to another they will use countrywide or eserv for your valuation - so you could go from one lender to another and still have the same valuer come round

harpoboy

Are you an existing Brittania customer, just proposing to move products?


You might be better to scrape together a few pennies to see if you can improve your LTV

You need to challenge the existing valuation first, before risking good money after bad with Nationwide


There are a bunch of free house price valuation tools out there that will give you a very rough idea of the fair value of the property.

What have other properties in the area sold for? How much has the market risen in your area? Have you made any improvements to the property?

These are all factors that may help your case.

Annouck

Hi people. Thanks for the advice received so far. I think that it's certainly right to challenge the valuation received, but I'm not sure that it will really get me anywhere in the long run. It's way off what I needed for the Britannia mortgage and that is the mortgage company that I would challenge through. However, it's £3k off the Nationwide mortgage LTV required so could be worth it as both use Countrywide. In this case Countrywide sub-contracted to a company called Connells.
Problem with the valuation is that there really is nothing similar around here: the last property to sell identical to mine was £185k in 2009. One sold in 2011 for £145k but this was much smaller, ground floor view of the car park and in need of knocking apart. Which they did. This is one block of one bed apartments surrounded by £500k plus red-brick Victorians. They are pretty exclusive and the only ones in the village. Other than that there are 2 beds 5 minutes up the road on at £235 - £300k depending on their position in the building. Mine was valued at £140k and that is ludicrous. It would be record breaking.Homes here are currently still selling at profitable levels because of the location.
Very frustrating.