Applied for a remortgage but valuation was lower than it should be....

MoneyPenguin

Folus said:

MoneyPenguin said:

You can contest it.

We're in the process of buying a house, and the valuation was 30k lower than what we offered. 
We believed it was incorrect, so we got an estate agent to do a report on local property prices. We submitted that to the bank, who in turn raised it with their valuer.

Few days later they emailed us to say yes ok the property is actually worth what you offered and they promptly send the formal offer.

Hi @MoneyPenguin, we're in a similar position to Rjhsteel so this is really positive information since most threads have people saying they've never had any luck challenging the Mortgage provider's valuation.  Can i ask did you have to pay the Estate Agents for their report on local property prices and, if so, roughly what sort of ballpark was that in?

Nope, they didn't charge for it, and quite frankly I wouldn't imagine any estate agent charging for it. It's in their best interests to provide it for you anyway as they are trying to secure the sale on behalf of the seller.