Valuation sources

Remortgage time, and need a valuation. Apart from "get valuation from a few estate agents", what are the best sources?

- HSBC, my current lender, says the house has lost a 2.5% of value. They say they use "the House Price Index (HPI) to value your property" (https://www.hsbc.co.uk/mortgages/existing-customers/switch/).
- The UK House Price Index https://landregistry.data.gov.uk/app/ukhpi/browse says the average house of its type, in the area, had increased in value a 7% by August.
- Nationwide (https://www.nationwide.co.uk/house-price-index/) says it has lost a 0.85% of value.
- There is an equivalent to the Nationwide website for Halifax? https://www.halifax.co.uk/media-centre/house-price-index.html is the best I have found.
- Zoopla, as probably expected, says it has increased a 9%, with "high confidence".

Right now, I would trust HSBC/Nationwide. But the difference with the UK House Price Index is weird. Getting a number from Halifax would be nice.

Comments

  • ACG
    ACG Posts: 23,625
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    Do you live in an area where there are houses on the market? 
    No system is perfect, but I would generally look for properties that have sold recently and have a look at how much they were up for. It should give you a ballpark. 

    Try to take into account if yours is bigger/smaller, in better/worse condition. 
    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.
  • If you call your current lender they should be able to give you a valuation based on their system. I have done this in the past.
  • amnblog
    amnblog Posts: 12,389
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    If you are staying with HSBC they will give you a figure from their system.

    If you are moving to a new Lender expect the valuation figure provided to be more conservative than you might have thought.

    Therefore if you are currently just understand 75% loan to value you may struggle to get the valuation you need to obtain a 75% loan to value product with a new Lender.
    I am a Mortgage Broker

    You should note that this site doesn't check my status as a Mortgage Broker, 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.
  • From what I have seen so far, including RightMove, the LTV is somewhere between 75% and 90%... i.e. useless.

    I may need to try with estate agents. How does this work? Are they happy to come to do a remortgage valuation for free, with the hope of getting your business in the future, or are agents basically getting a constant flow of people calling and lying saying they want to sell?
  • fergie_
    fergie_ Posts: 155
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    Estate agents will give you an estimate of what they 'hope' your house will sell for - but they are assuming you are going to be selling with them. This has nothing to do with a bank mortgage valuation.

    Your T&Cs will explain your options, but they are normally to accept the bank 'desktop' valuation or commission a mortgage survey. It's likely the bank will charge you for this and it could be higher or lower than the desktop value. Keep in mind the mortgage survey is looking at what the house is realistically worth in the current / future if the bank needs it to be sold.

    You could also commission your own survey, but the bank may or may not accept it. If you are close to the LTV points, what difference would it make and could you pay off some extra capital?


  • kingstreet
    kingstreet Posts: 38,616
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    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.
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