How do you decide on the property value when remortgaging?

IAMIAM

Nationwide BS.
The lower end of the zoopla figure? 
Its on the 75% borderline 

K_S

@IAMIAM This is the approach that I generally take. It works pretty well from a client outcome point of view.

K_S said:

@dawz84 From experience, spending X on an extension rarely results in an immediate uplift of a similar amount. In any case, for a remo the lender will value it as it is presently.

It's not an exact science unfortunately. I recently did a BTL remo with capital raise (she wanted to raise as much as she could for a further BTL purchase) for a client who came to me with a value of 250k from Zoopla. I saw that the last sale on the street for a similar house was 240k from 2 years ago so added a bit of optimism and put 270k on the application. The valuation came through at that value and meant that the client could borrow an extra 20k or so at a very good rate for her onward purchase. That's the approach I take usually for valuation estimates to use in remo applications.

Thrugelmir

Look at recently sold prices in the locality. Zoopla can produce nonsense values. .
You could always ask Nationwide what their desktop valuation is, or alternatively see what products they are willing to offer you. 

RelievedSheff

We took a look at what similar properties were selling for and then what we needed to the property to be worth to get into the LTV bracket we wanted. Ours is a 2 year old "new build" so it was a bit tricky to reach a value for. 

Luckily for us the valuer agreed with us.

Dandytf

Thrugelmir said:

Look at recently sold prices in the locality. Zoopla can produce nonsense values. .
You could always ask Nationwide what their desktop valuation is, or alternatively see what products they are willing to offer you. 

I believe Nationwide now quote similar desktop valuation, via their existing Customer re mortgage search.
Valuation Is now one of their pre select options for searching for a new mortgage.
In addition to moving home or borrowing more.
This is Not to  be confused with their very disappointing HPI calculator.

IAMIAM

It seems the 75% LTV is the band to try and get into!