Remortgage - Halifax Valuation

Saltywater

Hi all,

We are applying for a remortgage with Halifax and a we have some buy to let's and are capital raising for an extension to the house have used London and Country.

Our mortgage is currently with Nationwide and they would not send out a valuer and based the value on their house price index, we bought the house for a reduced price as we could move quickly on a sale that had fallen through and have added an extra bedroom.

We have had the house valued by 3 estate agents recently and all are way over the Nationwide online value, also Zoopla and Mouseprice value it around the same value.

Will the Halifax send out a valuer or base it on the price we paid 2 years ago and use a desktop calculator?

This is starting to get me down now, the new rules are making this a right pain for anything other than a strait forward mortgage, I thought using a broker would make things easier.

nidO

Although not directly related to your query re Halifax, you can probably get Nationwide to re-value it if you push hard enough with the right people, you're in the same boat I was in at the start of the year which someone else also asked about earlier today, see this thread:

https://forums.moneysavingexpert.com/discussion/4992251

Re Halifax, if you are remortgaging to a new provider I would assume they will get it valued rather than just relying on their index.

Saltywater

Thanks, but we have now applied via the Halifax.

The Nationwide had no in branch appointments for almost 3 weeks, and the branch that was at was over an hours drive away.

We needed two separate applications, no phone appointments for a month on the rate switch and two weeks on the further lending.

All a total farse.

Typhoon2000

If your are changing mortgage providers the new lender will definitely be instructing a surveyor to ensure property affords sufficient security ( and is not going to fall down etc...)

Saltywater

Typhoon2000 wrote: »

If your are changing mortgage providers the new lender will definitely be instructing a surveyor to ensure property affords sufficient security ( and is not going to fall down etc...)

If that's the case all should be fine, if anyone knows for certain that would be great.

PeacefulWaters

Typhoon2000 wrote: »

If your are changing mortgage providers the new lender will definitely be instructing a surveyor to ensure property affords sufficient security ( and is not going to fall down etc...)

Some lenders will ask the valuer to perform a "property assessment".

This involves checking the property exists and valuing it for the area, but no internal inspection.

Not uncommon for low LTV mortgages.

lentrix92

i just switched to HSBC, and i asked if they needed to value my prop - they said not required. I do have a lo LTV though ....

gaz141

I recently applied to the Halifax direct to re-mortgage to them from my existing provider. The mortgage consultant was pretty useless from day 1, anyway, he told me Colleys would be doing a drive by valuation, then when the valuation came in I was told in fact it was a desk top valuation which was way under what I was expecting to be. When I challenged it I was told no appeal was allowed and that their valuation stood. If Colleys are only charging Halifax £70.00 for a valuation they didn't even leave their desk for then I suppose you get what you pay for. I paid for my own valuation which came in completely different from Colleys.

Saltywater

gaz141 wrote: »

I recently applied to the Halifax direct to re-mortgage to them from my existing provider. The mortgage consultant was pretty useless from day 1, anyway, he told me Colleys would be doing a drive by valuation, then when the valuation came in I was told in fact it was a desk top valuation which was way under what I was expecting to be. When I challenged it I was told no appeal was allowed and that their valuation stood. If Colleys are only charging Halifax £70.00 for a valuation they didn't even leave their desk for then I suppose you get what you pay for. I paid for my own valuation which came in completely different from Colleys.

Thanks for the reply. I don't mind paying for a valuation if they give that option.