Remortgaging - complete a house price evaluation?

Jamesknowsnothing

Hi all,
my mortgage is up for renewal in September.

we purchased our house new in 2017, and since then the price of similar houses has increased by around 50k

is it worth me getting my house revalued before I get it remortgaged?

looking at Martin’s remortgaging guide, it seems like everyone should do it??

thanks

K_S

@Jamesknowsnothing When it comes to applying to remortgage (change to a new lender), you will need to enter an estimated valuation in the application.

Imho, unless you have a very non -standard property, it should be fairly easy to get a reasonably accurate estimate online.

Normally, you just apply a dollop of optimism to that figure (if it helps take you into a lower LTV band) and put in the application.

The lender will then do their own valuation and return the lower of the value you provided and what the valuer valued it at.

If you're doing a product-switch/product-transfer/rate-switch (staying with the current lender and simply picking a new fix), there's no need for you to worry about the valuation as the lender will usually use an automatically indexed valuation so that should take into account movement in house prices.