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House Undervalued for Re-mortgage
Lukas018
Posts: 6 Forumite
Hi,
Pre-COVID my mortgage was up for renewal and rate offered by previous provider was high and they would not carryout a valuation on the house, just what I have paid off.
I live near Gatwick, West Sussex and we bought our 2 bed house in Feb 2018 for £312,000 my two year fixed rate finished Feb 2020. It was a 90% mortgage when we bought the house.
When we approached 3 mortgage providers they all valued the house at £310,000 which I was shocked to be honest as I thought the house prices were rising and we needed to be valued £315k or higher to fall within the loan to value ratio of 80% to get lower rate, but fell outside and ended up paying a higher rate.
Just wanted to see if anyone else had this issue or were they undervaluing to get the higher rate?
Thank you.
Pre-COVID my mortgage was up for renewal and rate offered by previous provider was high and they would not carryout a valuation on the house, just what I have paid off.
I live near Gatwick, West Sussex and we bought our 2 bed house in Feb 2018 for £312,000 my two year fixed rate finished Feb 2020. It was a 90% mortgage when we bought the house.
When we approached 3 mortgage providers they all valued the house at £310,000 which I was shocked to be honest as I thought the house prices were rising and we needed to be valued £315k or higher to fall within the loan to value ratio of 80% to get lower rate, but fell outside and ended up paying a higher rate.
Just wanted to see if anyone else had this issue or were they undervaluing to get the higher rate?
Thank you.
0
Comments
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Have you checked on the Land Registry or Rightmove etc, to see what other comparable properties have sold for in the area recently?0
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Yes they were valuing between £315-320k which is what I expected, if there was slump I didn't know, just seems unjust but if 3 are saying same thing there must be some truth.0
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