Valuation for additional lending

spiritless

We bought this house 12 months ago and paid £270k (full asking price). We've had it valued today by a different estate agent who thinks he'd get £310-315 for it, after marketing it at 325.

Now we are sure we got a bargain when we bought but still, it's a massive increase in 12 months, isn't it?

Anyway, we'd like to borrow another 25k, potentially we'd have enough equity if it was valued at 315 by the mortgage valuer.

What's the likely hood of them driving by and increasing the value by that much? Is it worth paying more for them to come in and look around (we've only decorated, not made any other changes). Or indeed is the estate agent most likely to be full of bluster and actually 280k is probably more where it's at (that is the value the mortgage company have on file for the house currently).

We are looking to move our 13% interest rate Nram unsecured loan on to our mortgage as we've now found our forever house and happy to commit to a higher mortgage.

amnblog

For a figure more in keeping with what an official valuation may come up with.


Enter your dates and region in here


http://www.nationwide.co.uk/about/house-price-index/house-price-calculator


The Estate Agent is trying to get instructed for a sale not help you with a re-mortgage.


The only other factor would be if you have done major refurbishments since purchase (beyond a tin of Dulux and new Shower curtain)

chelseablue

It depends what area you live in too, some areas have increased a lot.

My house was last valued (by a surveyor not a EA) in December last year when we had the survey done.


Just did the Nationwide calculator that amnblog posted above and it says my house has increased by £24,000 in 7 months :eek:

beecher2

It is very inaccurate for my area. Gives a 66% increase since 2003, in reality it is closer to 25%.

chelseablue

We are in the South East (Berkshire) and it says 6% rise in 7 months

spiritless

It's shows a slight increase, definitely lower estate agent suggested today.

It's a 5 bed detached with 2100sq ft of space, all the mod cons you'd expect from an 'executive' home. When it came to market last year, we couldn't believe our luck! We've not see anything this big or in such good order for anywhere near as low as 270. We assumed its location (opposite a school) lowered its value. We've certainly not found anything on right move in this town that has 4 or 5 beds for less than 310.

Despite us feeling that the house is worth more I doubt it would be worth us perusing this, given that nationwide also think the value couldn't have risen. I'm so ready to say goodbye to Nram too!

Joy_mate

Hi.
I was literally in same situation during month of May.
Borrowed extra money as expected. What I have done:::well
1. Nicely decorated flat (no Hugh spending) mainly kitchen and main bedroom. (Valuator took photos of kitchen and outside property)
2. Max Space was created with arrangements and made clutter free flat (no addition)
3. I have managed to increase my zoopla estimate (valuation guy normally check for surrounding price history)
Above points will add just few, which are worth to work on.
However it was before brexit though.
Try to work on above points, u will get there..