Remortgage/Property Value

Slime

Slime

Slime

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I'm looking around for remortgage deals as ours is coming to the end of it's 2 year term. I'm just wondering how we can get a better idea of how much our property is worth?

We live in a 2 bed flat within a Victorian terraced house (which is split into 2 flats). Upstairs has recently sold but has been empty for about a year and both the flats next door have sold which are almost identical to ours but I only know what downstairs sold for and that was in August of last year.

All the sold prices on Zoopla are either from last year or of properties which aren't too similar to ours. If we get an estate agent round to value it then I'm a bit wary that they'll massively overprice it.

I'm only asking because it would make a big difference to our mortgage repayments if we have it valued at the top end of our estimate. What happens when the mortgage company do not agree with your estimate? Do you have to just suck it up and accept it?

Has anyone done this recently?

Thanks
 
Remortgaged my house last year after a full renovation.
You have to pay for a valuation if you believe the house has changed in value since you bought it or it was last valued, i think it was between £100 - £200.

I was lucky and given a valuation the same as my estimate, top end of the scale for my street. This gave me a really good interest rate on my new mortgage for the next 5 years.
 
Often the mortgage company you are with will send you a new mortgage offer with a valuation estimate. Remember it's not the exact value of your house that matters, more the loan to value (LTV) percentage.

I.e. The valuation may be several thousand under what you think it's worth but the LTV is the same as your higher price expectation.
 
Mixture of above posts for me.

The remortgage company paid for a surveyor to come out and they valued it.

The value was more than I thought it would be (though similar to zoopla's estimate for my property)

This date change the LTV a bit but not enough for anyone else to beat their deal at the same rate.

I do not know what happens if it gets valued lower, though this was my concern, I guess it is only a issue if it changes your LTV the wrong way.

I would gather you could pay for your own survey to contest it.... or then go elsewhere. That is my thoughts though.
 
What ltv %age are you looking at? The survey really only looks to see if you default they can get their money back at auction. The lower the ltv the lower their risk the less they care.
 
maccapacca said:
What ltv %age are you looking at? The survey really only looks to see if you default they can get their money back at auction. The lower the ltv the lower their risk the less they care.
Click to expand...

At the top end of our estimate we are looking at 60% and at the bottom it's 65% so it's not a huge difference but you do tend to get better deals when you hit that 60% mark.

At what point should I start speaking to other lenders if my current deal ends in September? I'm switching because my current lender (Santander) couldn't offer me anything close to being competitive.

Thanks for the responses
 
why would you be worried if they massively overvalued it? that would be good news for you! it means your loan to value ratio is better and you'd get cheaper mortgage rates.
 
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