Yet another house downvalued by countrywide surveyors

getmore4less

class2ldn wrote: »

Well as I've said the payments go up by £5.43 a month to be exact and that's from being at 79% for 285k or back to 85% ltv for the 265 valuation.
Quite surprised it hasn't jumped more then that.
I don't think anyone owes me anything but I do know this area well and the rate house prices go up is staggering. It's not just me wanting more money it's a fact which is why I'm surprised at that valuation.

What's your current lenders 80% deal if they have valued at 285?

class2ldn

Well it was around £100 more a month and was for a fixed mortgage which we don't want.
Halifax don't do trackers I believe now.

getmore4less

You need to talk in rates £pm difference is not appropriate.

class2ldn

Off tge top of my head I'm not sure what the Halifax rate was, I think it was 2.34. Nationwide is 1.89 for the 265 valuation

brit1234

class2ldn wrote: »

It wouldn't trust me, we are about 10 minutes from Gatwick where house prices haven't dropped in years.

However house prices can go up and down. We had a housing bubble in London and the South East which has ended, prices are falling. The transactions levels have collapsed. Wages are falling and we have a whole market bumped up on cheap credit to stop it crashing.

The survey is to protect the lender not you. They think the price is lower and they have the right to protect their investment. Don't like it remortgage else where.

Follow the housing expert Henry Prior a house buying agent for 30 years, he recognises when the down turns are coming as he has seen them before.

https://twitter.com/HenryPryor

class2ldn

Well seeing as it doesn't have any real financial impact on us it's not such a big deal now especially if the monthly payment is only £5.43 a month more.
I just wasn't sure if the survey was something that could be used against us in future.

getmore4less

Tomorrow is another day, your last valuation only really decides a lender that indexes next time.

If going variable you can switch to a new deal as soon as the lender is happy you LTV has improved.

If you were tight on a LTV boundary there is always a risk with a valuation would fall the wrong side.

Looks like 5k would have got you anyway.

class2ldn

Well the difference is 6% with tge difference in valuations. However it's only £5.43 a month which I'm surprised about.

Malc00

I'm glad the difference is less than the £10 per month you originally mentioned.
As others have suggested if you are on a tracker, keep in touch with what Nationwide value your home or if you overpay and you can jump from one tracker to another once you are in the lower LTV banding.

getmore4less

class2ldn wrote: »

Well the difference is 6% with tge difference in valuations. However it's only £5.43 a month which I'm surprised about.

The difference in payment is not the real difference,