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Property valuation lower remortgaging
monaymadlol
Posts: 493 Forumite
Hi, I've been with nationwide 6 years, always doing 2yr fixed as they work out best and I bank with them .
The property valuation they have given is 10% lower than Zoopla, right move, sold prices etc and seems the same as when I renewed last.
I called them and they can't appeal it as the ltv under 60% or something and they said it wouldn't change the rate anyway.
Can you confirm if what they are saying is correct and I'm not being swindled
Thanks
The property valuation they have given is 10% lower than Zoopla, right move, sold prices etc and seems the same as when I renewed last.
I called them and they can't appeal it as the ltv under 60% or something and they said it wouldn't change the rate anyway.
Can you confirm if what they are saying is correct and I'm not being swindled
Thanks
0
Comments
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If your LTV is under 60% and they have no products for LTVs of less than that it doesn't matter.
Nationwide and Halifax base their values on their own well-respected HPI figures. Your option may be for a physical valuation at your own expense or to move to another lender.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.3 -
Yeah just wanted to know if it would impact on My repayment if I do another 2 yr fixed?
Do any lenders have products under 60%? Seems hard at this stage0 -
@monaymadlol Based on the limited info in your post, what they are saying is indeed correct.Your monthly repayment will be based on the outstanding mortgage and specific product (usually dependent on LTV) that you are eligible for.If a "better" valuation makes no difference to the LTV/product, then it should make no difference to your monthly repayments either.
I am a Mortgage Adviser - You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
PLEASE DO NOT SEND PMs asking for one-to-one-advice, or representation.
2 -
Zoopla is not the most accurate either, I have the opposite on Zoopla. House is £30k cheaper on Zoopla than my mortgage provider says it is.
Either way, 60% LTV is the lowest you are going to get therefore even if updated to match the Zoopla values you are not going to be paying any less.
Take the Zoopla rating as a good thing, if you sell in the future any buyers may check it out and figure you are selling for a bargain price!
J1 -
there are lenders that have 50% products no cheaper than nationwide 60% products.1
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Ok thanks.
Yes just not going only on Zoopla but Rightmove too and sold prices in the area. Nationwide are wide off the mark by around 24 months.
But seems it doesn't matter as I will go to a proper estate agent if I sell0
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