Remortgage valuation; tips for extracting maximum LTV % i.e. 85%

terrencetrentderby

To cut a long story short we bought in December 2012 and ported our existing deal which runs out in July. When we bought the house was marketed for £125,000.00. We agreed to pay this and applied for a mortgage for 90%. The deal almost fell through when the mortgage survey said the property was worth £115,000 only. Eventually we got the vendor to reduce so the deal went through. However we disagreed with the valuation. The agent had various comparables. We have done a lot of work on the property in the last 3 months (spending about 10k). Had it valued today and the agent says £130,000.00 (OIRO) We want to try to get 85% LTV accepted when I remortgage in the summer as the rate drops dramatically from a 90% deal. What is our best strategy? Go with a different lender? Want to avoid esurv (who did the previous one) Which lender should we use? What are our chances?

brit1234

terrencetrentderby wrote: »

To cut a long story short we bought in December 2012 and ported our existing deal which runs out in July. When we bought the house was marketed for £125,000.00. We agreed to pay this and applied for a mortgage for 90%. The deal almost fell through when the mortgage survey said the property was worth £115,000 only. Eventually we got the vendor to reduce so the deal went through. However we disagreed with the valuation. The agent had various comparables. We have done a lot of work on the property in the last 3 months (spending about 10k). Had it valued today and the agent says £130,000.00 (OIRO) We want to try to get 85% LTV accepted when I remortgage in the summer as the rate drops dramatically from a 90% deal. What is our best strategy? Go with a different lender? Want to avoid esurv (who did the previous one) Which lender should we use? What are our chances?

If the valuer is an estate agent then they tend to over value to get business. The lenders valuation will likely be a lot lower. Home improvements rarely add value = or more to what they cost in a falling market.


The best way off overpaying mortgage as much as the lender will let you for that better LTV.