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Reposession house value vs 'normal' house values?
purply
Posts: 391 Forumite
Hello all,
Hoping you guys can help.
I'm looking into remortgaging...but feel like I'm a bit out of my depth the more I look into remortgaging.
Current lender Santander, has valued house at 90,000 using a repossession value, with a LTV of 85%.
Another lender (Furness Building Society) has told us that in fact we would have no or very little equity and could not offer us any products at 85% or even 95%.:eek:
I don't know what index this lender used to value the house. He hadn't come across a 'repossession value' when I mentioned Santander's method of house valuation.
So...today I have drawn up a list of lenders and have all their remortgage rates and I am ready to ring them up next week.
However, can anyone tell me what index lenders tend to use? Are they all different? How come Santander can offer me a product based on a LTV of 85% and another cannot?
I have been on Zoopla and the house is valued at exactly what Santander believe it to be.
BTW-I don't have an issue with this valuation-it's what I expect although houses have sold for much lower on my street-my issue is that it seems that I have no other options other than Santander and would have liked the opportunity to approach a couple of lenders to compare but if other lenders are going to give me similar valuations to Furness (much lower than Santander) then, it seems that I may better off taking my current lenders offer?
Thanks for reading :-)
Hoping you guys can help.
I'm looking into remortgaging...but feel like I'm a bit out of my depth the more I look into remortgaging.
Current lender Santander, has valued house at 90,000 using a repossession value, with a LTV of 85%.
Another lender (Furness Building Society) has told us that in fact we would have no or very little equity and could not offer us any products at 85% or even 95%.:eek:
I don't know what index this lender used to value the house. He hadn't come across a 'repossession value' when I mentioned Santander's method of house valuation.
So...today I have drawn up a list of lenders and have all their remortgage rates and I am ready to ring them up next week.
However, can anyone tell me what index lenders tend to use? Are they all different? How come Santander can offer me a product based on a LTV of 85% and another cannot?
I have been on Zoopla and the house is valued at exactly what Santander believe it to be.
BTW-I don't have an issue with this valuation-it's what I expect although houses have sold for much lower on my street-my issue is that it seems that I have no other options other than Santander and would have liked the opportunity to approach a couple of lenders to compare but if other lenders are going to give me similar valuations to Furness (much lower than Santander) then, it seems that I may better off taking my current lenders offer?
Thanks for reading :-)
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