Remortgage valuation; what are they looking for?

Selbyjay

Hi all!

We're coming to the end of our 3 year fix and are looking to remortgage with the same lender.

As the house was a repossession, the valuation they have on their system is somewhat less than we think it is worth due to the overhaul on the property in the last 3 years (new kitchen, bathroom, central heating, total redecoration). Therefore, they want to come and do an internal inspection and valuation.

What is it their looking for when doing a valuation?

We really need to hit the 80% LTV as this shaves 40% off our current repayment. Is there anything we can do (between now & Thursday!!) to ensure that we get the valuation that A) we think it's worth & that we need to make the huge saving!

If anything, i think we'll be £1k/£2k off the valuation we need to get the 80% LTV, which will be really annoying!!

Also, is affordability as rigorously checked for remortgages with the same lender or do they tend to be a bit more relaxed if you've had the mortgage for a while and never missed a payment?

Cheers

lee111s

Do you have any savings that you could use to reduce the amount you need to borrow to get the % LTV you require? You could tjen replenish the savings with the reduction in mortage payments untill they're back where the were.

Thrugelmir

Selbyjay wrote: »

If anything, i think we'll be £1k/£2k off the valuation we need to get the 80% LTV, which will be really annoying!!

Why do you think that? On what basis are you valuing your property. Advertised selling prices for similar properties around you may not reflect actual selling prices.

Selbyjay

We obviously wont know for sure until the valuation next week, but based on estimates on Zoopla, asking prices of (sold) properties on our street and what properties are listed as sold on Land Registry, we think our valuation is ball park.

We could be well off, but i think we'll only be marginally off.

Savings amount to hundreds rather the few thousand that we could be short off.

Cheers

dimbo61

Sorry you just have to wait and see.
I went to my local BS last week and they said my house was worth £227K according to " THE COMPUTER" same house opposite is up for £290K
Last 2 sales of my type of house was £270/275K
It only costs £70 to have a revaluation with them !!!!
I am not selling but interesting figures all the same

Selbyjay

Well, we had the valuation done and i must say, i'm very impressed with Yorkshire Bank.

Surveyor came around 3pm on Thursday to value the house. We had the remortgage paperwork this morning!

Valuation was exactly what we wanted. Saved us a massive 40% off our monthly mortgage payments! Roll on January, when it kicks in!