valuation very low - what are the chances of a successful challenge?

missrlr

We are remortgaging. Process seems OK have an agreement in principle and all paperwork sorted, but the valuation has come back £15k lower than was paid for the house so the LTV has been altered and we no longer qualify for the interest rate.

This was the best option for us as we wanted to fix for as long as possible and at the lowest possible rate, the rates we have been offered are the same (within 0.5%) as we are currently paying with fees making these no better (except being fixed whereas at present we are variable)

There are 8 houses in the road / cul-de-sacs that have sold in recent months (only 2 sold between our purchase and 3 months ago - so 5 year period) - both in desperate need for complete renovation - original 1950s with 1970's "updates", no heating and so on. Same age, same builder, none with the extensions we have had put in. Whilst the exact price has not been published as yet, the EA all confirm it was within £5k of asking price. Some were asking the price we paid and some were higher. So minimum £10k on the valuation price and up to £25k more!

We have been told we can submit this evidence and ask for a review, so we are going to do this, but what are the chances of a change?

Thanks