Mortgage Valuation - advice please

Albert_Tatlock_2

I’m currently in the process of switching product with my current lender. I am on Stnd Variable but wish to Fix for 4 years.

We have owned the property for just over 3 years and it was valued at £320k when I bought it.

Due to the reduction in mortgage balance and expected increase in value I did think I could now dip into the lower LTV banding.

However, my lender tells me they have it valued at £310k in their system. There is not a chance in hell it is worth less now than 3 years ago, prices in our city are very buoyant, it absolutely has had to have gone up.

What are my options? The lender gave it the “computer says no” stuff. Can I instruct/pay for a valuation and would the lender then honour that value?

EDIT to add. A property 4 doors away has just gone on the market and is valued at £310k. It’s a semi (we’re detached), it was 3 bedrooms (we have 4), it has 1 bathroom (we have 2) - we also have a conservatory, garage, and our garden is literally 10 times as large.

kingstreet

You need to ask your lender what options it offers.

Some lenders will allow you to pay for a drive-by, or internal inspection. Some offer nothing.

Bantex_2

You cannot force them to do anything. Try another lender.

kingstreet

Albert_Tatlock wrote: »

A property 4 doors away has just gone on the market and is valued at £310k. It’s a semi (we’re detached), it was 3 bedrooms (we have 4), it has 1 bathroom (we have 2) - we also have a conservatory, garage, and our garden is literally 10 times as large.

Surveyors use the actual recent sold prices of similar property in the vicinity when valuing. Look here for sold prices in the last 120 days, upto 0.5 miles away;-

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

An EA asking price is not going to be particularly useful.

Albert_Tatlock_2

kingstreet wrote: »

Surveyors use the actual recent sold prices of similar property in the vicinity when valuing. Look here for sold prices in the last 120 days, upto 0.5 miles away;-

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

An EA asking price is not going to be particularly useful.

Thanks, but that’s part of my frustration.



Within ½ mile there is a vast array of tenement flats, 3 story townhouses, detached, semi-detached, terraced, pretty much every type of property imaginable with very very few of them being similar to mine.



Getting the lender to listen when i tell them this is impossible.

kingstreet

I linked to the comparables surveyors use, not lenders.

If the lender uses an indexed valuation only, your argument is pointless.

Either pay for a valuation if your lender permits it, or consider remortgaging to a new lender where an internal inspection is normal for a remortgage. Many are free, along with the legal work.

Albert_Tatlock_2

I’ve also got the problem of being self-employed with less than 3 years trading. Not sure I can face doing all the ringing around lenders again.

kingstreet

Two years SA302s are the usual evidence of income requirement for the self-employed, with the net profit averaged over the two years.

Albert_Tatlock_2

Three years they want now. So it's 2 x SA302 + an accountant's mortgage certificate.

kingstreet

Who is "they?"

Albert_Tatlock_2

Any lender i've spoken to.

Listen mate i'm not in the mood for pedants so BYE.