valuations of property when switching to new product with existing lender

oliel

If I switch to a new product with a my existing lender - no additional borrowings or change of term how do they value my property?

flashg67

I'm remortgaging with TSB at the moment and they appear to have done a 'desktop' valuation, which I reckon is 10% too low but in my case the loan to value I need isn't affected by this

K_S

oliel said:

If I switch to a new product with a my existing lender - no additional borrowings or change of term how do they value my property?

@oliel For a product-switch (staying with the current lender), in most cases it's based on an 'indexed' valuation, i.e. automated. On the odd occasion the lender's system will require a valuation to be instructed (which could again be desktop, drive-by or physical) but you won't need to pay for it.

fergie_

I'm with Natwest and their app shows a changing valuation every quarter. They will honour this valuation when changing product or you can request a fresh valuation (which could be the same, higher or lower). 

With mortgage valuations, they tend to be lower than other valuations as the banks want to know their money is safe, rather than what the property is worth in the best circumstances.