Where to get valuation for remortgage (& taking out equity)

catoutthebag

My 2yr ends with nationwide next month. They have undervalued the property by about 10 thousand. They use price index to value.

If I want to get a proper valuation, can I request they send someone out if I wanted to stay with them? Would I have to pay?

If not, how do I go about getting a valuation, and how much, £300?

Or can I ring other banks and basically give them my address to check for free what they would value it at according to their software?

Or should I swallow the cheaper valuation which would affect my repayments by about £30-40 a month?

Also, they're offering the same 2 yr deal, 1-something percent with a £999 fee, and 2 something with zero fee...1.64% at £334 repayments and a 2.04%...Better for lower fee and add the 999 to mortgage?

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Also, pro and cons taking a small amount out say £1000 towards a car upgrade? Frivolous? I have 8850 deposit in there, 4-5000 equity I guess, then they've valued it a further 6000 increase (rather than 10-15,000).... Would taking out 1000 affect things much? Probably cheaper to not do it it or get a 0% cc I guess

davemorton

catoutthebag wrote: »

My 2yr ends with nationwide next month. They have undervalued the property by about 10 thousand. They use price index to value.

If I want to get a proper valuation, can I request they send someone out if I wanted to stay with them? Would I have to pay?

If not, how do I go about getting a valuation, and how much, £300?

Or can I ring other banks and basically give them my address to check for free what they would value it at according to their software?

Or should I swallow the cheaper valuation which would affect my repayments by about £30-40 a month?

Also, they're offering the same 2 yr deal, 1-something percent with a £999 fee, and 2 something with zero fee...1.64% at £334 repayments and a 2.04%...Better for lower fee and add the 999 to mortgage?

---

Also, pro and cons taking a small amount out say £1000 towards a car upgrade? Frivolous? I have 8850 deposit in there, 4-5000 equity I guess, then they've valued it a further 6000 increase (rather than 10-15,000).... Would taking out 1000 affect things much? Probably cheaper to not do it it or get a 0% cc I guess

Out of curiosity have they told you how much they have valued it it? Just I have just taken a mortgage with them, they sent a surveyor out to value it, but never told me how much it was valued at, just went with my (probably low) valuation.

dimbo61

"Also, they're offering the same 2 yr deal, 1-something percent with a £999 fee, and 2 something with zero fee...1.64% at £334 repayments and a 2.04%...Better for lower fee and add the 999 to mortgage?"

Now that depends on how much you owe/Want to borrow ?

Will Nationwide offer you an Extra £1,000 on top of what you already owe them ( Not sure ) But you will have to go through a full mortgage application all over again.
So you have only had the property for 2 years and ONLY put down 5/10% deposit ?
Why do you need a £1,000 ? Pay off Credit card bills !!! Might ring alarm bells

catoutthebag

davemorton wrote: »

Out of curiosity have they told you how much they have valued it it? Just I have just taken a mortgage with them, they sent a surveyor out to value it, but never told me how much it was valued at, just went with my (probably low) valuation.

Yes they valued it at 94.5 on the phone, I have evidence of them going 100+

catoutthebag

glosoli wrote: »

Have you over paid into the mortgage in the past, and looking to take advantage of a re-draw/borrow back facility? In this case, you would be "taking your own £1000" back,

Otherwise, if you have not over paid, you will be required to apply for the additional borrowing. Just because your property has increased in value does not give you an automatic right to obtain further cash from the equity.

So when my fixed term ends and I'm due for a remortgage deal, I can't take 1000 out before fixing a new deal? Not 1000. From increase in value but from my equity/deposit part

No, I haven't overpaid anything

Keezing

Hi Catoutthebag,

I think most of these questions were covered in your last 4 threads on this topic ;-)

If you disagree with Nationwide's valuation you can ring them and instruct them to pay for a new valuation. The cost will be between £200-300 but I don't know the exact figure, so you should just give them a quick call.

Nationwide will also be able to offer you a deal where you can switch rate and take out additional borrowing, i.e. the £1000 you want. This small amount may not affect your LTV, but you will need to go through a full application with credit check etc, as you would if you remortgaged to a different lender anyway.

Regarding the valuation, have you checked sold prices on the land registry web site? Make sure you are not relying on asking price data for your valuation.

Good luck with getting the best deal!

catoutthebag

Keezing wrote: »

Hi Catoutthebag,

I think most of these questions were covered in your last 4 threads on this topic ;-)

If you disagree with Nationwide's valuation you can ring them and instruct them to pay for a new valuation. The cost will be between £200-300 but I don't know the exact figure, so you should just give them a quick call.

Nationwide will also be able to offer you a deal where you can switch rate and take out additional borrowing, i.e. the £1000 you want. This small amount may not affect your LTV, but you will need to go through a full application with credit check etc, as you would if you remortgaged to a different lender anyway.

Regarding the valuation, have you checked sold prices on the land registry web site? Make sure you are not relying on asking price data for your valuation.

Good luck with getting the best deal!

Thank you!

catoutthebag

I called them again, and now it's clear which they didn't make it before.

I paid 88.5 in 2015, they had a valuation of 94.5 in 2015 and thats the only valuation they have on file as latest one.

I did a land registry search... Properties have sold at 102,. 105, 105, 100, 116.

They said, from what I could gather, if I applied for another product, they would send someone out again

I may stay with them,sounds easier. Would I have to pay a solicitor again if I moved lender?

Nationwide offering £250 cash back too and I bank with them, so no checks. Have lots of product with them.

Keezing

catoutthebag wrote: »

I called them again, and now it's clear which they didn't make it before.

I paid 88.5 in 2015, they had a valuation of 94.5 in 2015 and thats the only valuation they have on file as latest one.

I did a land registry search... Properties have sold at 102,. 105, 105, 100, 116.

They said, from what I could gather, if I applied for another product, they would send someone out again

I may stay with them,sounds easier. Would I have to pay a solicitor again if I moved lender?

Nationwide offering £250 cash back too and I bank with them, so no checks. Have lots of product with them.

If the last valuation they have is from 2015, call them up and ask them to update their valuation using the house price index as of today.

They may ask you to decide if you want to self-manage your new mortgage deal or get "advice" before they do the update. Say you want to self-manage and the computer should then permit them to update the valuation.

Let's come back to your other points once Nationwide have done this for you.

kingstreet

From Nationwide website;-

There is a minimum borrowing limit of £5,000 for all existing mortgage customer transactions

http://www.nationwide.co.uk/products/mortgages/existing-customer-borrowing-more/mortgage-rates#tab:Ourmortgagerates

catoutthebag

Keezing wrote: »

If the last valuation they have is from 2015, call them up and ask them to update their valuation using the house price index as of today.

They may ask you to decide if you want to self-manage your new mortgage deal or get "advice" before they do the update. Say you want to self-manage and the computer should then permit them to update the valuation.

Let's come back to your other points once Nationwide have done this for you.

Further info obtained

They've changed valuers or something

Currently value is 101,347 which I'm.a bitter happier with.
Outstanding today is 76,325
Current LTV 75.3%
2 more £396 payments to go I think
£250 cash back if I stay with them
£65 redemption expense waived if I stay with them