Valuation by HSBC

dcraggs

So.. We bought our house in 2006.. At the time it was valued at £195!.. We went to remortgage with hsbc this last month and they sent their valuers around last week. We suggested that the house was now around the 180k mark.. Which is around 15-20 k under the values of similar houses in the area.. Yet the valuation has come back as £170k .. Are they having a laugh!!! That is similar to bungalows in the area.. Not a detached three bed.

My wife mentioned to the valuer that we paid £170 back in 2006 by mistake.. Have they just taken this value? Seems a big coincidence!


Can I appeal against this valuation? As I feel that it is ridiculous compared to market rates in the area and can't help but think they are aiming to get us into a higher interest rate product.. At even £175k we would have 80ltv.. Again coincidence that they have gone just under??

Thrugelmir

The difference between £170k and £180k is only 5%. A surveyor being conservative is not unreasonable.

brit1234

dcraggs wrote: »

As I feel that it is ridiculous compared to market rates in the area and can't help but think they are aiming to get us into a higher interest rate product.. At even £175k we would have 80ltv.. Again coincidence that they have gone just under??

Based on selling prices I hope and not stupid inaccurate asking prices I hope. Just overpay the mortgage to get to the better rate, interest rates have been rock bottom for years.