How to determine the value element of your LTV?

quixonte

Hi,

Early, next year I will be reaching the end of my 5-year fix deal at which point I will be looking to get another fix.

Last time when I moved lender to RBS - I was just asked to provide a value which the bank accepted.

I am currently doing a renovation of the property - but would be happy to delay some of these plans and put some of my renovation budget into the mortgage to help me over the 60% LTV line.

I've seen zoopla mentioned a lot and had a look at that - but no idea if that is a good source. I also don't like the numbers - but trying to detach myself from the emotion . The lack of sales (More so due to lack of properties being put up for sale rather than not selling) makes it hard to judge things.

Is there an authoritive source for home valuations that I could help determine what I need to do to achieve a 60% LTV ?

Some more info

---

Dec 2006 - purchase for £237k
Oct 2007 - next door purchased for £250k
March 2009 - Remortgage with value of £262k
Only 9 sales in the last 5 years - very different properties (some are bunglaows / others are terraced / my neighbours are the closest fit). Total of 144 houses on the road.
Zoopla (today) - £230k
Zoopla value range (today)- £218,391 - £240,723
LTV based on zoopla (today) - 69%
Current outstanding - £159k
Target Balance at re-mortgage time - ~£150k


Thanks
Q,

kingstreet

There isn't.

All you can do is estimate the value and see if the lender's surveyor agrees with you.

michaels

Get a few agents round to value the property, perhaps suggest you need a quick sale and what value you coudl realistically acheive rather than just ending up with an inflated asking price.