Valuation at remortgage

MrCH

Hi all.

Our 2 year 95% rate ends in September.
Bought at £138k for a house that was refurbed inside.

Since, a similar house in the same road has sold for £155k with a garage, £130k and 2 houses have sold for £127k and £117k, both being houses in need of work where the owner had died and left to their children.

They were advertised at £135k and £130k and obviously the children who inherited the properties have sold the houses to have them off their hands and get the money quicker by taking the offers.

Where would our valuation be at come say June?

Houses in the next street advertise at £150-160k and sell with being the same size houses, just not houses that have been left to people who inherit them; people who want to move somewhere else.

On our NatWest portal it says HPI valuation at the moment is £131k which is quite sickening as last month it was £141k due to thehousw with the garage selling for £155k.

Id like to be at 90% LTV come remortgage time to get a cheaper rate...

System

I find Zoopla pretty accurate if you put in the additional details. They estimated exactly what we sold for in the end.

Unicorn_cottage

Does your house have a garage?

Thrugelmir

MrCH wrote: »

Where would our valuation be at come say June?

That depends on sale prices now and over the coming months in your locality. Not just the same road that matters but a wider catchment area.

sam_r2d2

We recently completed our remortgage - they carried out a 'desktop' valuation which came out 20,000 less than we needed to for the LTV we were aiming for

When i challenged it they gave me an email address to send evidence to and then arranged for a surveyor to come round and complete a proper valuation, which came out at the 'correct' value

MrCH

Unicorn_cottage wrote: »

Does your house have a garage?

No it doesn’t.

Thrugelmir wrote: »

That depends on sale prices now and over the coming months in your locality. Not just the same road that matters but a wider catchment area.

It’s a nice area. Terraced sells for £115k. 3 bed semi new builds are for sale at £200k a couple of roads away. Extended 3 beds with garages £155-180.
It’s just the two that were empty after elderly owners dying and then their offspring being sold on for cheaper than I bought that seem to have knocked the HPI value down

sam_r2d2 wrote: »

We recently completed our remortgage - they carried out a 'desktop' valuation which came out 20,000 less than we needed to for the LTV we were aiming for

When i challenged it they gave me an email address to send evidence to and then arranged for a surveyor to come round and complete a proper valuation, which came out at the 'correct' value

Thanks for the reply. It seems like this may be the way to go when the time comes. Did you have to pay for the surveyor?

Zero_Sum

They'll probably just take what you paid then add on 2 years of inflation.

Thats all Nationwide did with me even though it was a new build so wouldve at best stayed the same more likely lost a bit of value

MrCH

Cheers Zero Sum.
I hope it works that way as we will be in 90% LTV then

MrCH

Bumping this in hope for more experiences.

One house with a garage sold for £155k within a couple of days last week and there has been a house the same as mine with no garage been advertised at £145k.

GoingOn30

Sorry no experiences of remortgaging yet, but have you considered making some voluntary overpayments to try and make sure the LTV will be under 90%?

csgohan4

When the desktop valuation comes out less, will they accept a surveyor's valuation and who will pay?