Natwest valuation discrepancy

Woodmatt13

Hi everyone,

I’ve posted on here a few times about my remortgage process. Anyway, we were accepted for a help to buy mortgage with natwest subject to valuation.

The valuation took place yesterday, and the outcome is that it has been valued at substantially less that we believe it is worth. We purchased the new build 2 years ago for £400,000 after it was reduced for a quick sale from £427,000. We had an estate agent value it at £400,000-410,000 a few weeks ago. Other similar homes are on for sale for £400,000 ish. The brand new homes of a similar size for £420,000. The surveyor has put £365,000 in her report stating that ‘similar homes are for sale on the estate for a lesser value’. There are a couple for this price however they are smaller and from a different developer.

Based upon this survey, natwest have declined the mortgage and stated they do not allow appeals.

Has anyone experience this before?

My broker has said he will struggle to find 80% LTV remortgages and so we are a bit stuck really.

Any advice would be gratefully received

Many thanks

[Deleted User]

Last time I had a valuation decline by natwest I had to pull every favour I had to even get the valuer to look at an appeal. Still made no odds as he believed in his figure and natwest go by thr valuer so we got nowhere.

Natwest are a no go from here I'm afraid

Woodmatt13

Thanks so much for your reply. I have done research around houses prices and I do believe the survey is factually incorrect and based upon the prices of much smaller 4 bedroom houses.

We shall see what today brings...

Thank you again