Remortgage - House valuations

[neonplanet40]

Hi Folks,

Our fixed term is due to end in April. So starting to look around for a new deal./ However, how do I get a valuation for the house that would satisfy lenders, etc? I am unsure how that part of the process works.

Zoopla has a range that it deems my house price to be in. However, there haven't been many people selling near us (most stay long-term) so not a massive turnover of people and sales.

So I am unsure what valuation to base my findings on that will allow me to start to search the market for current rates etc.

Thank you.

[Domestic_Ginger]

From what I remember you give your purchase price when arranging the mortgage and then mortgage company send someone round to say its in the ballpark; its a walk in walk out valuation.

If you need to change it; I am sure you can justify adding a few grand on to get you to the next LTV split. There is a Halifax average price increase (?) if you need something scientific?

[InkZ]

Not sure who your lender is, but Nationwide for example allow you to switch product 3 months before the end of your deal.

Probably the easiest thing is to speak to your existing lender and see what they value your property at for a product switch, that should give you a starting point.

Also, the most important thing is the loan to value band you end up in. You want to end up in the lowest band possible to get the best rates.

[jimbouk]

As they say, it's done when arranging the mortgage. Seems backwards as if you're borderline on a ratio band then it could change who you go with. We changed mortgage providers and don't think they even bothered to view the house externally on the valuation.

Just have to stick your finger in the air initially. You could select a few mortgage companies, call and see if they would accept an independent valuation from someone but they'd probably just repeat it.

[jim]

Hi Folks,

Our fixed term is due to end in April. So starting to look around for a new deal./ However, how do I get a valuation for the house that would satisfy lenders, etc? I am unsure how that part of the process works.

Zoopla has a range that it deems my house price to be in. However, there haven't been many people selling near us (most stay long-term) so not a massive turnover of people and sales.

So I am unsure what valuation to base my findings on that will allow me to start to search the market for current rates etc.

Thank you.

You can start with this: https://www.nationwide.co.uk/about/h...ice-calculator

Use the last sale price or last official valuation and it will give you an approximate figure.

You can then use that as a starting point, but expect lenders to do their own checks.

[scaryjim]

Both times I've been coming up to the end of my fixed period Nationwide have sent me the details of their new deals that I could switch to early, and both times they've been cheaper than the deal I was currently on. They use their own appreciation values to estimate what your property is worth, and it's some way below what I've just put in on the market for, but it wasn't going to make a major difference to the offers I got so I didn't really care.

[Zak33]

As the above people say - it's done by the mortgage company as part of the job.

[cheesemp]

I had a rough idea what mine was worth and discussed with my mortgage broker - he suggested using an ever so higher value than I wanted to ensure I got in the LTV I wanted. The new provider booked a surveyor to look at the property. He was in and out in 10 minutes. Just asked why I had valued it what I had - I was able to argue I'd had an extension, boiler and new kitchen fitted (but I'm sure I could have used something as simple as new carpets). He went off and agreed my valuation in a couple of days. As I was only looking for a 70% LTV that may have made him less bothered if I'd stretched the valuation too high! He knew the LTV I was looking for. I suspect if I had just bumped the property up by the average price increase I wouldn't even have had the visit. It was just the extension bumping it by 50K+ that made the provider even bother checking with a visit.