Remortgage valuation eyewateringly low!!

lookstraightahead

If you are remortgaging then todays price is not as relevant as your house value over the next few years and so maybe the general view is that there are rocky times ahead.

wesleyad

I really don't get why you don't keep it on the market. You say you would prefer to sell and you aren't happy with the remortgage value. You say market is sluggish, but you also had two offers at an acceptable price (unfortunately falling through). So whats stopping you keeping it on the market a few more months?

If you let remember everything that goes along with that (consent to let or BTL mortgage, extra stamp duty if you buy in UK, new rules reducing interest deductability for higher tax payers)

Is it currently on a residential mortgage? Even if you appeal valuation what if they decline consent to let (which would be highly likely, you cant ask for CTL straight after getting the mortgage as it would be clear to them you never had intention of living there)

Thrugelmir

ClaireMC wrote: »

1. Valuations in the last 12 months from Estate Agents (I have emails and letters from them)
a. 700k-725k
b. 700-725
c. 717k
d. £700k
e. 710-750
f. 700k
2. We received an offer of 675k in Jan/Feb which fell through as the buyer was self-employed and could not secure his mortgage.
3. The property is unique in the area as it is a Victorian building formerly part of a conversion; there are only two other houses like it in neighbouring blocks and they have not been up for sale in over 18 years.
a. There have been two house sales this year on my street
I. Property One; asking price of 550k and they accepted 525k in Jan as they wanted a quick sale which they got. This property is 1222 sq. ft. of living space.
II. Property Two; asking price of 600k and was sold for 605K in April. This property is 1249 sq. ft. of living space.

My property is 2100 sq. ft. of living space.

One acceptable offer in 12 months though suggests that the demand isn't there though. Lenders will be looking to redeem the mortgage in a timely fashion. Not wait months for the property to sell. In the eventuality that they need to. This will be the basis on which the surveyor has valued the property. Totally different to someone that views it as there long term home. Much living space is simply air. This costs nothing to construct.

Crashy_Time

Thrugelmir wrote: »

One acceptable offer in 12 months though suggests that the demand isn't there though. Lenders will be looking to redeem the mortgage in a timely fashion. Not wait months for the property to sell. In the eventuality that they need to. This will be the basis on which the surveyor has valued the property. Totally different to someone that views it as there long term home. Much living space is simply air. This costs nothing to construct.

As is much "equity" that people thought they had.

Crashy_Time

http://www.dailymail.co.uk/money/mortgageshome/article-5733321/Beware-red-danger-signs-house-prices-Young-buyers-borrow-record-sums.html#comments

jimbog

Crashy_Time wrote: »

http://www.dailymail.co.uk/money/mortgageshome/article-5733321/Beware-red-danger-signs-house-prices-Young-buyers-borrow-record-sums.html#comments

From your link:
Prices are still 2.2 per cent higher than they were a year ago.

sevenhills

https://www.zoopla.co.uk/house-prices/uk/

Look around online, as a guide to what it worth? If your house was sold and they have the sale price, Zoopla will project the house price increases/decreases forward.

Crashy_Time

jimbog wrote: »

From your link:
Prices are still 2.2 per cent higher than they were a year ago.

Somebody will be along in a minute to tell us that millions are just getting on with their lives every year, buying over-priced houses with not a care for where interest rates are heading :rotfl:

buggy_boy

Crashy_Time wrote: »

Somebody will be along in a minute to tell us that millions are just getting on with their lives every year, buying over-priced houses with not a care for where interest rates are heading :rotfl:

And only one muppet that sold gambling on his amazing powers of prediction to predict a house price crash..... Hows that rented bedsit Crashy.... You could have been mortgage free by now... Oh dear!!!

ReadingTim

Crashy_Time wrote: »

Somebody will be along in a minute to tell us that millions are just getting on with their lives every year, buying over-priced houses with not a care for where interest rates are heading :rotfl:

We're all heading for death Crashy - does that mean we should stop living right now?