Remortgage current property came in £70,000 less help!

amiebrice84

Hi
I am really hoping someone can help me with my problem.
I wanted to remortgage with my current lender in my current property. Don't want to borrow any extra just wanted to get a better interest rate.
They have sent their surveyor around and I have had estate agents around to value as well.
The estate agents have both came back with selling price £210,000

We bought our house for £160,000 8 years ago and have £139,500 left to pay.
I have spoken to the mortgage company and their valuation has came back as £140,000. So that would mean we have made a loss of just over £20,000.
We have done a lot of work to the property since moving here. Not extended but new boiler, every room has been re-plastered and decorated. new kitchen, built in wardrobes, patio etc

So now the mortgage company are saying our interest rate has gone up because of this under valuation. I am going to appeal it and have to pay a fee for doing this.

Has anyone got any advice on how can get the new valuation nearer the estate agents.
I know the banks always value it is lower but I was thinking 10-20k not 70k.

I know it could sell for £210,000 as houses on my street went for this amount.

Please help me!
Many thanks:(

charliewocka

We've just submitted an appeal to TMW in relation to a let to buy property. The house value was fine, in line with what we expected, but the rental income on the valuation was at least £200 below what we know is achievable.


We got the appeal form straightaway fro our broker and filled it in. We gave a very thorough commentary as to why we were appealing and also listed three comparable properties. These all had to have sold/rented in the past 180 days. Appeals had to be received within 7 days of mortgage offer (we got ours in within 7 hours ) and we've been told to expect up to 7 days to hear back. It's nerve wrecking.


Speak to your lender straight away about the appeals procedure and start collating evidence for the appeal.

libf

amiebrice84 wrote: »

Hi
I am really hoping someone can help me with my problem.
I wanted to remortgage with my current lender in my current property. Don't want to borrow any extra just wanted to get a better interest rate.
They have sent their surveyor around and I have had estate agents around to value as well.
The estate agents have both came back with selling price £210,000

We bought our house for £160,000 8 years ago and have £139,500 left to pay.
I have spoken to the mortgage company and their valuation has came back as £140,000. So that would mean we have made a loss of just over £20,000.
We have done a lot of work to the property since moving here. Not extended but new boiler, every room has been re-plastered and decorated. new kitchen, built in wardrobes, patio etc

So now the mortgage company are saying our interest rate has gone up because of this under valuation. I am going to appeal it and have to pay a fee for doing this.

Has anyone got any advice on how can get the new valuation nearer the estate agents.
I know the banks always value it is lower but I was thinking 10-20k not 70k.

I know it could sell for £210,000 as houses on my street went for this amount.

Please help me!
Many thanks:(

If the sales for nearby comparable houses are logged with the land registry then you should be able to use this as 'evidence' that the valuation is low.