Remortgate with equity loan - Need *3* valuations!
shapeshifter42
Posts: 17 Forumite
I bought my house in 2011 with a 20% equity loan from the builder (same thing in principle as the later help-to-buy scheme, I imagine). I had to start paying back interest on it 2 years ago and will have to pay it off in full by May 2021.
As I'm also now on the SVR rate (4.99%!), it would be stupid not to remortgage. I've already had an offer from a lender following their own valuation, but when the legal peeps contacted the builder (via a management company) for a settlement figure, they came back asking for a total of *3* valuations.
They requested these be on "headed paper", so I can't just get a noddy automated figure from e.g. zoopla. As I'm already down for £800-ish on fees, the last thing I want to do is splash out another£500-600 on quotes.
So any advice, please, on how I can get some cheap as possible valuations that will satisfy this third party? I'm not even sure how to go about it, regardless of cost- I don't really want to approach an estate agent pretending I want to sell.
Sorry if something similar asked before- I did look first.
As I'm also now on the SVR rate (4.99%!), it would be stupid not to remortgage. I've already had an offer from a lender following their own valuation, but when the legal peeps contacted the builder (via a management company) for a settlement figure, they came back asking for a total of *3* valuations.
They requested these be on "headed paper", so I can't just get a noddy automated figure from e.g. zoopla. As I'm already down for £800-ish on fees, the last thing I want to do is splash out another£500-600 on quotes.
So any advice, please, on how I can get some cheap as possible valuations that will satisfy this third party? I'm not even sure how to go about it, regardless of cost- I don't really want to approach an estate agent pretending I want to sell.
Sorry if something similar asked before- I did look first.
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Comments
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Estate agents? Will probably be free.I am a Mortgage AdviserYou 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.0
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Does your agreement entitle them to ask for three valuations?0
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Does your agreement entitle them to ask for three valuations?
That's a very good point- I don't actually have a copy of the agreement. I do recall when I bought the house seeing (or being told) something about any settlement figure being the same percentage of the future valuation i.e. it's in their interest if the average valuation is high, and they may be suspicious if they are all too low.
The valuation I have already matches the original purchase price (twas a new build BTW). The two houses neighbouring me have both been sold well under purchase price.0 -
Still having trouble with this. Estate agents either not responding, or referring me to the likes of Yopa. Surpisingly, Yopa don't cover my area (I only live in the country's second biggest city), but I may be able to use purplebricks.
Still would need one more, though. Any ideas?0
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