How does a bank/building society value your house

boogiesherbs

Hi we are looking to move to a new fixed rate but don't know what ltv bracket we fall in, I've checked our house on zoopia but not sure how accurate that it?
Also can they tell me straight away on the phone what their estimate is?

Many thanks for any help :A

stator

When was your last valuation?

Zoopla is nonsense, ignore that.

They might do a paper valuation, a drive by valuation or they might want a full valuation.

Are you planning on staying with the same bank?

boogiesherbs

Hi thanks for the fast reply, well we are sat on the SVR with Godiva but want to fix somewhere with a better rate we owe 119K with 5K savings so could get to 114k but our house could be anywhere from 114k to 125k (we bought in 2007 for 127k gulp)
So want to try and get to a remortgage at 95% ltv

lee111s

If you're applying to a new lender then they'll send out a RICS surveyor who will value the property

How have you only managed to pay off 8k in 8 years (assuming you got a 100% mortgage)?

boogiesherbs

So will that happen before any fees?

We had a loan on top to renovate it separate from mortgage and got married same year

lee111s

You normally have to pay a valuation fee, before the valution is done naturally. It varies from lender to lender how much this is.

Some, like Nationwide often offer free valuation and zero or low fees, to tempt in new customers