Mortgage Offer lower than original on application

janerobinson55

Hi
We have received our Natwest ReMortgage offer today but is £12000 lower than original DIP was for.

This is due to the valuation of the house being £15000 lower than expected. The broker informed us that this has been happening quite often recently.
The valuation report states the house needs repair and maintenance.
This is completely untrue we had a new kitchen 6 months ago, redecorated and all new fencing and gates outside.
Anyone else had similar experience?
TIA

csgohan4

was it a drive by valuation or they actually went into your house?


if the former you can request a full valuation but I am not sure if you have to pay for it?

janerobinson55

The valuer actually came into the house and was really positive and verbally mentioned we had done a lot of work to the house 🙄

csgohan4

janerobinson55 wrote: »

The valuer actually came into the house and was really positive and verbally mentioned we had done a lot of work to the house 🙄

See if you can get a second opinion or challenge it with similar sales nearby?

janerobinson55

We live on quite a small estate so no houses have sold recently
Thanks for advice though ��

[Deleted User]

How did you get to the estimated value? Yourself or the broker?

I wouldn't be too concerned about the repair and maintenance unless they've listed a specific area - most reports include "repair/ ongoing maintenance may be required", it's just to cover the surveyors.

In my experience, remortgages are an absolute nightmare if clients are borrowing near LTV bands, as (subconsciously) they seem to push the values up.

When home improvements have been done, it gets even worse - you think you've added £10k. Valuers say £5k.

Unless you can find comparable properties in the locality to challenge (and I've only ever seen 1 challenge be successful), it will have to be change product (if you're not at the LTV limit for your intended borrowing purpose) or borrow less, unfortunately

janerobinson55

Thank you. I got the estimated value from different sites and similar houses although not on our estate very close by. I gave a realistic estimate for the size of the house and when the valuer came he said the estimate sounded about right but he would have to compare with recent sales in the area.
I was just surprised how much the difference was by the valuer.

Thrugelmir

Did you inflate the value you placed on your property to take in account the money that you've spent?

What's the value of your property? £12k is a lot of money. However not as much when put in the context as a % of the value of the property.

janerobinson55

The house at all the online estimates came out between 200k and 210k valuer valued it at 185 I had put an estimate of 197k - 200k