Remortgage: lender valuation looks too high

Catpimimi

Hello,

I am in the process of remortgaging after buying a flat in London 5 years ago.

I have recently received the mortgage offer with the valuation of my flat and was shocked to see it come a good 15-20% higher than what I thought it was worth. I have always relied on the Zoopla valuation which I thought seemed to make sense but this new valuation is a lot higher.

I guess this is good news but how trustworthy is this valuation? Presumably the surveyor has done their homework but I would think they would try to undervalue it rather than overvalue!

Any thoughts welcome....

Thanks in advance!

stevenhp1987

Zoopla is just one estimate. It's not 100% (I've seen it be wrong many many times) and it makes mistakes. It's a complete guesstimate.

I'd base any mortgage valuation performed by mortgage surveyors as 100% trustworthy. Your mortgage application is based on it and their valuation is essentially gospel for your mortgage company.

I say, enjoy your lower LTV!