Dan
Premium Member
Registered: 22nd Apr 02
Location: Gorleston on Sea, Norfolk
User status: Offline
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Whats the best way to get my house valued by mortgage company for an amount I need for 75% ltv?
Paid 140k 2 years ago, which was very cheap, others were selling 155-160k. But this was run down. Ive now tarted it all up, sorted the gardens with patio etc. Spent around 5k.
I need it valuing at 156k for 75%, whats the chances? When I apply do I just tll them its worth 160k and let them decide?
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AndyKent
Member
Registered: 3rd Sep 05
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Is it likely to be worth 156 or are you just chancing it?
If you have a genuinely good chance of getting that figure then yes, say you think its worth a little bit more and wait for them to argue you down.
If you're already pushing it they will probably realise.
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RichR
Premium Member
Registered: 17th Oct 01
Location: Waterhouses, Staffordshire
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I don't think there's anything you can do particularly; I had to have mine valued when effectively buying it off myself following the ex and I splitting up. Valuer was the building society's choice, not mine and whilst he gave me a fair price, I'd spoken to him about giving me a value £2k above what he eventually did as I could only remortgage I I was below 85% LTV. I ended up having to pay off the £2k difference but I had been left under the impression that the valuer was going to put forward the value if requested
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Ian
Site Administrator
Registered: 28th Aug 99
Location: Liverpool
User status: Online
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I think they're well aware that a lot of the time its in the homeowner's interest to over-value, but I also think they weigh up their responsibility to the company that if you ended up being repossessed they would want the figures to stack up.
In my experience they're lazy and will happily sign off documentation you provide than do their own research, use that to your advantage.
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Toby
Premium Member
Registered: 29th Nov 05
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when i had a similar requirement the guy from nationwide just put value £10k higher than i thought it to be and it went through as he said they always slightly undervalue them. That was through countrywide surveyors
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Rob_Quads
Member
Registered: 29th Mar 01
Location: southampton
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What are similar houses selling for now? Ignore what you paid and what others cost just look for any sales on your street in the last few months. There are usual some. Then you will be able to guesstimate what its 'worth'
Other than that just shove down a number slightly more and then cross your fingers when they come out and value it. No matter what you do it will be down to the surveyor appointed by the mortgage company to say what its worth.
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Dan
Premium Member
Registered: 22nd Apr 02
Location: Gorleston on Sea, Norfolk
User status: Offline
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There's nothing similar sold since ours two years ago. There been much smaller 3 beds for 140ish.
If I can get the 75% ltv. I can get the mortgage for the same price but over 25 years rather than the 38 I'm on now. Saving a whopping 90k over the term.
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Nismo
Member
Registered: 12th Sep 02
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I think its a common thing that if you tell the valuer what you need it to be and any plans you have to make it worth more they sometimes add a bit to it so you reach your target.
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Daniel_Corsa
Premium Member
Registered: 21st Apr 04
Location: Wigton, Cumbria
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I got mine valued at £12k more than 2yrs ago, £2k more than I stated on mortgage and thought was chancing my luck adding £10k to purchase value.
Mortgage company will send out a valuer, mine was £2k more than I stated. Sisters was £20k less than bank told her to put it at.
Put a high figure, worst they can do is value a lot lower and you go 80% not 75%
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Jimbothebarbarian
Member
Registered: 19th Apr 07
Location: Cumbria..........drunk..
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Have a quick look on Zoopla. Over the years of buying and selling I'm pretty much convinced it's how most estate agents etc get their guestimates.
Just about always on the nose price wise..
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John
Member
Registered: 30th Jun 03
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Zoopla just uses sold prices and a bit of guesswork on the neighbouring houses.
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Ben G
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Registered: 12th Jan 07
Location: Essex
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quote:
Originally posted by Jimbothebarbarian
Have a quick look on Zoopla. Over the years of buying and selling I'm pretty much convinced it's how most estate agents etc get their guestimates.
Just about always on the nose price wise..
never known about this feature before, and it's rather depressing as it estimates my property to be worth £168k, even though we paid £176k almost 3 years back and it was up for £182,500 
theres an indentical property down our road up at 200k though and ours was valued at 185k by an estate agent.
thanks for putting a downer on my night though   
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Jimbothebarbarian
Member
Registered: 19th Apr 07
Location: Cumbria..........drunk..
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Whoops! Sorry dude....
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Dan
Premium Member
Registered: 22nd Apr 02
Location: Gorleston on Sea, Norfolk
User status: Offline
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Yea zoopla values mine between 135-160. Which is probably about right. The main figure shown is 138 I think. Which is defo too low. There's two beds going for that.
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