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Remortgage Valution
zoemk12
Posts: 167 Forumite
We’re currently remortgaging and borrowing extra to extend. We were going to move and had the hse valued at 290/300k and sold at 300k but buyers pulled out last minute. However their lender agreed with the value. A few similar properties have sold for between 285 and 310k recently. The index price is 290k
So we’re surprised to be told by the Coventry BS that their valuation has come back at 265k!
We’ve had to provide evidence of recent sales and we’re waiting to hear back but is there anything else we can do?
Thanks
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Comments
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Try another mortgage lender who uses a different valuer?0
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Yes that’s the last resort but we’re 3 weeks in with Coventry and all agreed subject to valuation and so would like to avoid this.RelievedSheff said:Try another mortgage lender who uses a different valuer?0 -
Also, don’t know who their valuer is!RelievedSheff said:Try another mortgage lender who uses a different valuer?0 -
Did they do a desk top valuation? If so you should be able to pay for a physical one."You've been reading SOS when it's just your clock reading 5:05 "0
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They did a driveby apparently. If it comes to it we will look in to a paid valuation. If you can buy this hse for 265k we’d like to buy it! 🤣sammyjammy said:Did they do a desk top valuation? If so you should be able to pay for a physical one.0 -
How much are you looking to borrow?0
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£215k against £265k is just over 81% LtV.
Will they simply not lend you more than that, or are you just reluctant because of the slightly higher rate?0 -
We don’t really want the higher rate as we feel sure the valuation is very low.AdrianC said:£215k against £265k is just over 81% LtV.
Will they simply not lend you more than that, or are you just reluctant because of the slightly higher rate?I know what he’s done, our neighbours hse sold at 255 in March but they accepted the offer in Nov 2020 and we’re moving to France and needed a quick sale. So theirs was a 2 bed and ours is 3 so he’s stuck 10k on. But houses same as ours on different roads have sold more recently at 285-310 ish.0 -
How much is the difference in rate?
How long is the lock-in to this new borrowing?0
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