First Direct basic valuation

crazygoog

Hi. Can anyone tell me if First Direct do a proper in-house valuation for their basic £137 valuation? I just don't want them doing a drive-by valuation as we have spent a lot of money inside and don't want a ridiculously low fee as we are aiming for a 70% LTV. A couple of grand might make all the difference one way or the other, but if it's valued at what we paid nearly 4 years ago then we'll be lucky to achieve 80% LTV.

Thank you!

_Andy_

Have you rung them and asked?

crazygoog

_Andy_ wrote: »

Have you rung them and asked?

They are due to ring me in the next couple of days regarding my application.

Not sure if you were trying to be cocky or not. But as this is a forum where things like this are asked regular I just hoped someone might know.

amnblog

I think Andy hit the nail on the head.

If you believe it will take consideration of your internal improvements for your property to make the valuation figure you need to discuss this with the lender immediately.

crazygoog

I will when I get the phonecall. I simply wondered if anyone on here had actual experience with First Direct.

sebtomato

I don't understand: you want FD to do a valuation on a property you already own and have done a lot of improvements inside?

Typically, the valuation is done for the buyer to get a mortgage.

WellKnownSid

sebtomato wrote: »

Typically, the valuation is done for the buyer to get a mortgage.

Or for a re-mortgage...

crazygoog

WellKnownSid wrote: »

Or for a re-mortgage...

Exactly. The new lender needs to know if their investment is worthwhile, and not lending me more than the house is worth. However, I need to know for a LTV point of view.

crazygoog

And for anyone who is interested in the initial question; yes, it is a proper in-house valuation and not a drive-by. I had my 45 minute phone appointment with them and got clarification then.

Fingers crossed the application goes through ok now and knock me 5 years off my mortgage!

kingstreet

Internal inspection, drive-by or desktop tends to be based on loan to value. If the lender is looking at an application for less than 50% LTV, it will normally rely on a desktop, indexed, valuation.

Internal inspections are usually reserved for higher LTV cases and where the applicant pays for a valuation. Many lenders do not charge for remortgage valuations.