Just had valuation and worried

chelseablue

Im coming to the end of my 3 year fixed rate mortgage and have applied to a new lender

They sent a surveyor round today to value the property

Ive been told that mortgage valuations are very different from estate agent/market valuations. Is that true?

As Im worried now I wont get the LTV I need for the rate :-/

_Andy_

No point worrying or speculating, wait and see what the figure is when the valuation is in.

chelseablue

But I hate surprises! Expecially if they're bad ones! :rotfl:

kixxb

I'd be interested in the answer to this too! We re mortaged with our existing provided when our fixed rate deal came to an end and they valued our property at 15% more than we paid for it meaning we deal regarding LVT.

I was worried that they'd actually inflated the true market value but perhaps not!

chelseablue

Who was the lender? I wish mine would over value it!

StuC75

currentyly doing a transfer of equity and mortgag val came in exactly what I wanted - what had paid 2 years ago..

Really depends on what kind of increase are you looking for?

chelseablue

StuC75 wrote: »

currentyly doing a transfer of equity and mortgag val came in exactly what I wanted - what had paid 2 years ago..

Really depends on what kind of increase are you looking for?

Well I need a LTV of 65% to get the new rate

I paid £156,500 in 2010

Current mortgage outstanding is £98,900 so If they value it at what I paid for it then Im ok

Im just worried they'll say its worth less than I paid

kixxb

Mine was with Halifax. We paid £90k for the house in 2007, had it revalued in 2010 for re mortgage and they valued it at £104k.

Would love it if we could sell it for that price as we are looking to put it on the market but I doubt it!!

John1993_2

chelseablue wrote: »

Well I need a LTV of 65% to get the new rate

I paid £156,500 in 2010

Current mortgage outstanding is £98,900 so If they value it at what I paid for it then Im ok

Im just worried they'll say its worth less than I paid

Do you have any savings that you could put towards the equity? I just remortgaged recently, and put money in to reduce the borrowing. If it's marginal then only a thousand or two could make the difference. It'll also mean that, effectively, your savings are now growing at your mortgage rate, tax free (although of course that stops them being available for other needs).

chelseablue

John1993 wrote: »

Do you have any savings that you could put towards the equity? I just remortgaged recently, and put money in to reduce the borrowing. If it's marginal then only a thousand or two could make the difference. It'll also mean that, effectively, your savings are now growing at your mortgage rate, tax free (although of course that stops them being available for other needs).

Yes I do have some savings but didnt really want to add them to the mortgage

amnblog

There are few pockets in the country where lenders consider values have dropped since 2010. Provided you are not in one of these you should be OK.