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Will our new council tax band affect the next mortgage valuation ?
Hi
We live in a 1 bed cottage and we recently applied to change our council tax from B to A. This has now been granted by the council (Thank You MSE!). My question is : will this have an effect in the value of the property when we remortgage in a couple of years ?
I would hate for the next lender to do a valuation and think, "if its a band A property then it will only be worth up to this amount". I would hate to miss out on a more favourable mortgage rate because the new council tax band will have an adverse effect in the remortgage valuation.
Any insight would be really appreciated.
Comments
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If anything, the lower the band, the better, as a purchaser will have a smaller council tax bill. If you now got permission for an extension the band would not alter.1
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If I found a lender who was basing their valuations on CT bands, I would avoid that lender like the plague!If you are querying your Council Tax band would you please state whether you are in England, Scotland or Wales2
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Me too! And as someone who has both bought and sold property in the past I have to say that I never even thought about council tax bands. Call me stupid but if I liked a property, I'd put an offer on it.lincroft1710 said:If I found a lender who was basing their valuations on CT bands, I would avoid that lender like the plague!
No need for you to worry about this at all. And my current property is also Band A but it's in a lovely quiet, rural area and we like it.Please note - taken from the Forum Rules and amended for my own personal use (with thanks) : It is up to you to investigate, check, double-check and check yet again before you make any decisions or take any action based on any information you glean from any of my posts. Although I do carry out careful research before posting and never intend to mislead or supply out-of-date or incorrect information, please do not rely 100% on what you are reading. Verify everything in order to protect yourself as you are responsible for any action you consequently take.1 -
Thank you all - this certainly puts me at ease. Indeed, Band A would make the property much more appealing.0
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