Advice after low valuation

katkin804

I have a mortgage with nationwide but applied to borrow more. I haven't got a final decision yet but the figures were based on a valuation Nationwide had on their screen (the same valuation that was used when i switched product 2 months ago with Nationwide). I had a physical valuation done yesterday which i've been told came back significantly lower than what was there when I did the application so therefore altering the LTV and putting the rate up significantly.
I have 2 questions.
1) will it not seem odd having 2 mortgage products on the same house started within 2-4 months of each other with significantly different valuations.
2) am i able to apply to another mortgage company for the extra and have 2 mortgage products from different companies on one property? I know a number of my neighbours who have different providers (and exactly the same house, its new build (5 years old) so very similar condition etc) and had far higher valuations

K_S

@katkin804
1. I myself don't see anything particularly odd with that. Is there anything specific that you are worried about?

2. You can't have the main mortgage with Nationwide and additional borrowing with another mainstream lender. You may be able to get what's called a 'second-charge' mortgage from another provider but that will be significantly more expensive than the NW additional borrowing option.