How do I get a valuation for a re-mortgage?

tbourner

I've looked at the websites like Zoopla and propertypriceadvice but they all come in way under what I expect.

Do mortgage companies require some kind of proof that the valuation you give them is correct? What's to stop me valuing my house way over and getting a better LTV?
How can I get a proper valuation and how much does it cost?

kingstreet

Are you going back to your existing lender for a retention product or are you remortgaging to a new lender?

If the former, your lender will use a desktop valuation model based on computerised information. If that is not accurate, you may be given an opportunity to pay for an inspection, useful if you've improved the interior of the property which will have added value.

If the latter, you put the estimated value on the application and the lender normally sends a surveyor who will accept or reject your estimate. If rejecting, he will evidence the recent sales of similar property in the vicinity for his "comparables."

A remortgage report & valuation may be free, or may be a cost to you, depending on the chosen product.

tbourner

Ah OK, well I'm looking to go to someone else as I'm with NRAM at the moment! I'm still up at around 85% LTV though so the more value I can claim the better.
So I guess I need to go and look at properties in the area and make a judgement, then hope they agree.

kingstreet

If you want to establish the comparables surveyors will use, search here for similar property which has sold in the last 120 days within 0.5 miles;-

http://www.rightmove.co.uk/house-prices.html

circuit

We got 3 estate agents round (we were thinking of selling), took their average, applied with that figure. Surveyor came round, asked what we put and agreed to it.
When getting it valued, ask the EAs to give you an estimate of rental income because the surveyor will have to decide that too.

tbourner

But we don't want to sell, so I don't need to talk to an estate agent?

newdud

As one of the previous poster has said when re-mortaring the mortgage company will arrange for the valuation, it is not that accurate and the person may not even come inside the property, you do not need to do anything as such. Also, you may not get to the see the final valuation figure !

They will not accept valuation for EAs for the purpose of re-mortgage