| Remortgage Help 17:19 - Nov 13 with 4220 views | sitocastro |
Evening All,
Is anyone clued up on remortgages? Going through a broker who's arranged a remortgage through Natwest. We are borrowing money to fund a small extension. We had the house valued by a local estate agency but am worried that the banks surveyor will come back lower or disagree. A work colleague said not to worry as sometimes they don't even bother to come out and visit, is this true?
Help would be appreciated. Thanks |  | | |  |
| Remortgage Help on 17:25 - Nov 13 with 4192 views | Herbivore |
If you're going with a new provider they will get an independent valuation report from a surveyor, estate agents often plump for a higher figure than the 'true' value of the property. Be a bit wary, when we had ours valued by the surveyor for our remortgage they undervalued it relative to what properties were selling for locally, luckily for us it didn't make a difference in the end but it could push you into a higher interest rate bracket. |  |
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| Remortgage Help on 17:37 - Nov 13 with 4183 views | Harry_Palmer |
I wouldn't worry. I Just did virtually the exact same thing myself and through Natwest as well. I put in an estimated market value on my property on the application and it went through without question. Nobody came to visit the property to my knowledge either. [Post edited 13 Nov 2017 19:43]
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| Remortgage Help on 17:46 - Nov 13 with 4158 views | sitocastro |
| Remortgage Help on 17:37 - Nov 13 by Harry_Palmer |
I wouldn't worry. I Just did virtually the exact same thing myself and through Natwest as well. I put in an estimated market value on my property on the application and it went through without question. Nobody came to visit the property to my knowledge either. [Post edited 13 Nov 2017 19:43]
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Thanks mate. Just what I needed to hear! Fingers crossed | | | |
| Remortgage Help on 17:52 - Nov 13 with 4157 views | Popeye |
Hi,
I do mortgage valuation surveys and depending on which bank or bs it is, they may or may not send a surveyor to the property, some just do a drive by and don’t even come inside the property. If you have done a lot of work to the property then it is worth a surveyor coming in to look around so you get a valuation which takes in account for the work that’s been done. The valuation is worked out by comparing other similar sized properties recently sold and then making adjustments for any differences between the others, eg example if a property has off road parking it may add value if road has parking restrictions. The bank valuation is based on sold prices, not asking price so it will be lower than estate agent as they use asking prices, but houses rarely meet the asking price as everyone negotiates money off. Valuation is for mortgage purposes only so if you are not selling then if it’s lower is doesn’t really matter. The valuation will affect what mortgage product they will put you on and the rate of interest you pay and terms etc so it is not necessarily bad to have a lower valuation if it means lower repayments | | | |
| Remortgage Help on 18:03 - Nov 13 with 4134 views | sparks |
| Remortgage Help on 17:52 - Nov 13 by Popeye |
Hi,
I do mortgage valuation surveys and depending on which bank or bs it is, they may or may not send a surveyor to the property, some just do a drive by and don’t even come inside the property. If you have done a lot of work to the property then it is worth a surveyor coming in to look around so you get a valuation which takes in account for the work that’s been done. The valuation is worked out by comparing other similar sized properties recently sold and then making adjustments for any differences between the others, eg example if a property has off road parking it may add value if road has parking restrictions. The bank valuation is based on sold prices, not asking price so it will be lower than estate agent as they use asking prices, but houses rarely meet the asking price as everyone negotiates money off. Valuation is for mortgage purposes only so if you are not selling then if it’s lower is doesn’t really matter. The valuation will affect what mortgage product they will put you on and the rate of interest you pay and terms etc so it is not necessarily bad to have a lower valuation if it means lower repayments |
Not sure what you mean by the last sentence. Higher valuation = more equity = better deal.
I should add that knowingly over valuing on an application could be construed as fraud. |  |
| The presence of those seeking the truth is infinitely to be preferred to the presence of those who think they've found it.
(Sir Terry Pratchett) | | Poll: | Is Fred drunk this morning? |
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| Remortgage Help on 19:41 - Nov 13 with 4017 views | Harry_Palmer |
| Remortgage Help on 18:03 - Nov 13 by sparks |
Not sure what you mean by the last sentence. Higher valuation = more equity = better deal.
I should add that knowingly over valuing on an application could be construed as fraud. |
Seeing as most banks are technically lending money that doesn't actually exist i'd say its giving them a little bit of their own medicine. If they can't be bothered to send somebody to the property to carry out a proper valuation then that's entirely their lookout. | | | |
| Remortgage Help on 19:46 - Nov 13 with 4018 views | ElderGrizzly |
Definitely be wary. I had an extension built on one of my houses and they did a drive by valuation. I was standing at the top of the drive and watched him do it 🙄
Only problem was most of the house couldn’t be seen from the road and they were out by about £400k.
They had to send someone out to do it again properly. Muppets.... |  | | |
| Remortgage Help on 19:54 - Nov 13 with 3986 views | Dubtractor |
| Remortgage Help on 17:25 - Nov 13 by Herbivore |
If you're going with a new provider they will get an independent valuation report from a surveyor, estate agents often plump for a higher figure than the 'true' value of the property. Be a bit wary, when we had ours valued by the surveyor for our remortgage they undervalued it relative to what properties were selling for locally, luckily for us it didn't make a difference in the end but it could push you into a higher interest rate bracket. |
Yeah, in my experience surveyors tend to undervalue compared to the market. |  |
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| Remortgage Help on 20:03 - Nov 13 with 3971 views | Burwell_Blue |
| Remortgage Help on 19:54 - Nov 13 by Dubtractor |
Yeah, in my experience surveyors tend to undervalue compared to the market. |
Mine too. I had two valuations that were lower than I wanted so I kept going until one gave a value that I was happy with (put my equity at a level that made my mortgage cheaper) |  | | |
| Remortgage Help on 20:21 - Nov 13 with 3949 views | Illinoisblue |
| Remortgage Help on 19:46 - Nov 13 by ElderGrizzly |
Definitely be wary. I had an extension built on one of my houses and they did a drive by valuation. I was standing at the top of the drive and watched him do it 🙄
Only problem was most of the house couldn’t be seen from the road and they were out by about £400k.
They had to send someone out to do it again properly. Muppets.... |
...straight in at number 1 on the TWTD humble brag hit parade :-) |  |
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| Remortgage Help on 20:32 - Nov 13 with 3926 views | ElderGrizzly |
| Remortgage Help on 20:21 - Nov 13 by Illinoisblue |
...straight in at number 1 on the TWTD humble brag hit parade :-) |
Ha. Honestly not a brag.:)
Now if i mentioned the yacht, or the football club i owned... ;) | | | |
| Remortgage Help on 20:39 - Nov 13 with 3908 views | bluejake78 |
If you can't pay for the extension out of savings don't do it.Do it when you can afford it. |  | | |
| Remortgage Help on 22:49 - Nov 13 with 3808 views | sparks |
| Remortgage Help on 19:41 - Nov 13 by Harry_Palmer |
Seeing as most banks are technically lending money that doesn't actually exist i'd say its giving them a little bit of their own medicine. If they can't be bothered to send somebody to the property to carry out a proper valuation then that's entirely their lookout. |
Dishonestly misrepresenting the position for financial advantage is a clear criminal offence. | |
| The presence of those seeking the truth is infinitely to be preferred to the presence of those who think they've found it.
(Sir Terry Pratchett) | | Poll: | Is Fred drunk this morning? |
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| ZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZ (n/t) on 08:15 - Nov 14 with 3672 views | Harry_Palmer |
| Remortgage Help on 22:49 - Nov 13 by sparks |
Dishonestly misrepresenting the position for financial advantage is a clear criminal offence. |
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| Remortgage Help on 09:17 - Nov 14 with 3605 views | OsborneOneNil |
Hi. I’m an Independent Mortgage Adviser and it varies. Nat West generally send a surveyor out, so expect one. Many now simply access average values via the National Price Index and so send no one, but if this is out from your value then they will send someone to do a house visit. If their value differs from what you need then it’s extremely difficult to appeal this, unless you have 3 good comparable or similar property that has actually sold for that sort of money. |  | | |
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