Down-valuation when remortgaging (anyone else had this prob?)

nrg710

Went to remortgage recently and found what for me was definitely the best deal- 2.09% with Norwich and Peterborough. Based on 66% loan to value.

All was going fine until the valuers returned their report- which valued my gaff 9% less than what I'd told N&P it was worth.

The figure I gave N&P was the same figure that was given to the house when I remortgaged 2 years ago. In my particular corner of the world, according to Zoopla, prices have risen 10.89% since then. However, I was conservative with the value that I gave N&P- in other words, erring on the side of caution.

Connells Surveyors did the valuation (probably a desktop valuation), and valued my house 9% less. Meaning that I was pushed into the next bracket of Loan to Value... meaning that I now couldn't enjoy a rate of 2.09%, but had to jump to the next level, which is 2.39%.

I asked N&P if they would reconsider the valuation, and the answer was "no". So.... back to square 1, getting mortgage quotes... Thank you Connells for wasting my time.

Just wondering if anyone else has had this problem? Not necessarily with this surveyor, but I'm wondering if this is a common trick used in the remortgaging industry to fleece punters.