Remortgage /house value question

kipzilla

I'm looking to remortgage and not sure where I stand regarding LTV. Who determines the value of my property when remortgaging and how do I find out the value myself in advance?

pennypinching77

Yes also waiting for replies to this question as need to remortgage in Jan 14.

Moomum

The bank/building society will value the house using a surveyor of their choice I believe.

lee111s

You base the value on similar houses that have recently sold in the area and provide it to the new lender. They will then instruct a valuation (usually drive by) and the surveyor will tell the lender if the valuation is accurate or not by providing their valuation.

amnblog

It can be a bit of a lottery if you are close to the LTV you require.

The new lender arranges a valuation which may be a visit (you see someone), a drive by (you dont see them), or a desktop (automatic and no valuer needed).

If you are on an estate where dozens of similar properties have been sold in recent years you can guage selling values from websites like Zoopla.

If your property is a bit more individual it can be tricky to compare.

It you have done a lot of internal work since purchase (not just decorating), a valuation with a visit will be a must for you if you are tight on LTV.