New purchase valuation v remortgage valuation

Sheep

Hi all,

Just wondered what your thoughts were.

We bought a new build for 283k in September last year. We had to port our mortgage as we had ERCs.

7 months on those ERCs are done and we are looking to remortgage. Now I am hoping the valuation comes back at what we paid for it however am i right in thinking new purchase valuations are less strict than remortgage valuations? What i suppose im getting at is that we all know new builds have a built in premuim for being the first one to live their and buy brand new. Is this likely to impact a remortgage valuation?

Kind regards

Sheep

Anyone got any thoughts to share? The valuation is taking place next Friday with ESurv.

davidmcn

Are the builders still selling? If so then yours is almost certainly going to be worth less than whatever the current price is for a shiny new one. Have you checked whether any have already been resold?

Sheep

Thanks for your reply.

There have been no resales for my house type.

There is one last home still available in a less desireable plot and this is on for £309,000. Ours was bought for £283000.

Kind regards