valuation for remortgage

betti911

My DH and I bought a house a year ago in Scotland and took out a two year fixed mortgage.

We paid over the home report valuation (home report 220k we paid 240k). I doubted the valuation at the time as it was an out of town firm of surveyors and typically houses in the area of that size and scope were going for around 250k at the time. Our offer was accepted on the basis that we made a quick purchase so I didn't have time to order another survey. I am happy with the purchase regardless as it is our forever family home.

The house across the road (same size of house ,same type and size of plot) from us has recently been sold for 275k(25k over the home report valuation). OH and I need to remortgage next year and need to work out out LTV ratio before we see a mortgage adviser. Is the only way to do this to pay for a survey to be carried out? Previously I just looked at house prices in the area and took a guess but worried about getting it dramatically wrong.

Any advice would be most welcome.

betti911

Any ideas?

Wh05apk

All you can do is use your best guess, the lender will instruct a valuation, which will likely be lower than an agents.


If you are concerned that you may be close to an LTV threshold, then use one of the many lenders with no upfront fees, once the valuation has been done, then if necessary you can re-evaluate your application, and use another lender, once you have a more accurate figure.