Remortgage valuation

browneyone

Hi,

Looking for abit of advice


We purchased our first home in 2017 with a subprime lender with the idea of moving to a high street lender at a later date (40 year mortgage)

We've started the remortgage process with NatWest which means we will be on a lower rate and 13 years on the mortgage.

They've come back with three things which are all easily solved

1, letter from employer welcoming me back from furlough

2,
Payslip from march to show pre furlough pay

3 and this is the main one for me

Property valuation (no one has visited the property)

We paid £130,000 in 2017 with £45,000 deposit and since then two properties have sold for £148,000 in the same street and one two weeks ago for £170,000 
NatWest are valuing at £115,000
Feels awful after spending 30,000 on renovations.

Do I proceed or wait 6/12months? 

flashg67

I suppose it depends on whether the 115k valuation still gives you the minimum loan to value percentage to get the mortgage and rate you want/were expecting - if it is then the valuation is almost irrelevant. Only if it isn't does it cause you problems getting the mortgage you need

browneyone

I foolishly had a knee jerk reaction of cancelling the whole thing, after I heard the rate would increase (but still less than our current rate) and the valuation.
I'm under the mindset that time will make the valuation 'better' where as they kind of said they don't see it getting any better.