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House valuation
luercas
Posts: 1 Newbie
Hi,
A little over 5 years ago I bought my first house. The valuation of the house by three different EA and the Santander surveyor as 160K (I still have the valuation). Due to the circumstances I was buying the house under I only needed a mortgage of 100K and unfortunately the sale price of the house on the land registry a 100K.
The house needs a lot of work doing (but it is in the same condition as when I bought it) o when my fixed rate a up I wanted to remortgage and increase the mortgage to make major improvements. I have a current account with the Halifax so wanted to use them. I went for the mortgage interview and everything was fine they would lend me up to 178K based on my circumstances. we went through the system and Colleys came out to survey the house. The valuation came back at 100K a full 60K less than the original valuation. I complained to the Halifax but Colleys refused to even discuss the criteria they had valued the house on. I now notice looking around the internet that other people have had similar problems with Colleys.
The mortgage with Santander is currently at 95k, I would like to increase it to 120K. Am I likely to have the same problem with other banks? Would I encounter the same problem if I took out an additional loan with Santander given that they had the original valuation?
Any help you could give would be appreciated.
A little over 5 years ago I bought my first house. The valuation of the house by three different EA and the Santander surveyor as 160K (I still have the valuation). Due to the circumstances I was buying the house under I only needed a mortgage of 100K and unfortunately the sale price of the house on the land registry a 100K.
The house needs a lot of work doing (but it is in the same condition as when I bought it) o when my fixed rate a up I wanted to remortgage and increase the mortgage to make major improvements. I have a current account with the Halifax so wanted to use them. I went for the mortgage interview and everything was fine they would lend me up to 178K based on my circumstances. we went through the system and Colleys came out to survey the house. The valuation came back at 100K a full 60K less than the original valuation. I complained to the Halifax but Colleys refused to even discuss the criteria they had valued the house on. I now notice looking around the internet that other people have had similar problems with Colleys.
The mortgage with Santander is currently at 95k, I would like to increase it to 120K. Am I likely to have the same problem with other banks? Would I encounter the same problem if I took out an additional loan with Santander given that they had the original valuation?
Any help you could give would be appreciated.
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