LTV assessment queries

atlasmm

Hi,

We are currently undertaking our first remortgage. Some queries as follows:

1) we initially valued at £290k and BOI pushed back and said £270k. Is this going to the exact same at all lenders (I.e. do they use the same database?) or could I justify £275k with a different lender?

2) Does the product fee need considering when assessing LTV. We are right on the cusp of being under 90% LTV, and are already overpaying slightly to get to this point. I want to add the product fee to the mortgage, but not if this takes us into the next LTV bracket. 

Thanks in advance 

Hoenir

Have the BOI valued or simply told you the maximum amount that they are prepared to lend at the current time? 

ACG

1) No. Its down to the valuer. I remember a case where we applied to Natwest and it was downvalued by £10k. We went to Natiownide and they valued it the original higher amount. I also remember another case where we went to Nationwide who declined a case because of a pub 100 yards down the road but Natwest were fine with it. 

2) Usually the fee does not affect the LTV, but with some lenders it can do - very much lender dependent, but most will not include it. 

atlasmm

Hoenir said:

Have the BOI valued or simply told you the maximum amount that they are prepared to lend at the current time? 

They valued, we said £290k and they came back with £270k

silvercar

if the valuation is 20k less than you are paying, are you negotiating the price? Or is this in Scotland?

user1977

silvercar said:

if the valuation is 20k less than you are paying, are you negotiating the price? Or is this in Scotland?

It's a remortgage.

housebuyer143

atlasmm said:

Hoenir said:

Have the BOI valued or simply told you the maximum amount that they are prepared to lend at the current time? 

They valued, we said £290k and they came back with £270k

Is this a desktop valuation or a physical one? If it's desktop you can request they attend in person if you are unhappy with the valuation.

kingstreet

Different lenders can use different surveyors. For example, the usual suspects are;-

Countrywide (Nationwide, HSBC)
Esurv (Halifax)
LGSS (NatWest, Santander)

although it does depend at the time on who has coverage in that particular area.

It's impossible to predict that if you go to lender One, you'll get surveyor A etc.