Using revaluations between lenders..

greenhousemaniac

My mortgage is due for renewal (first time for me) and my neighbour's close-to-identical house recently sold for 30% more than my current valuation, which at this point would make a big impact on my loan-to-value ratio. My current lender Natwest is checking if they can do an index-based revaluation or if they'll need to get someone out to do one - if so there's a reasonable but sizeable fee involved.

I asked, if we end up paying for a revaluation, will I be able to take that to other lenders in the process of shopping around - they said no. I asked, if I were to pay for an independent valuation would they be willing to use that in their calculations - they said no. :mad:

Am I missing something? It seems that if I want to shop around this could end up getting expensive.

betmunch

Only shop arround lenders that will pay the valuation for you?

kingstreet

Agree with bm.

If remortgaging, most lenders offer a free valuation anyway.