Kathryn W
Member
Registered: 12th Oct 03
Location: Widnes, Cheshire
User status: Offline
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Do mortgage companies only go of the average sale price of properties on the street? 
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RichR
Premium Member
Registered: 17th Oct 01
Location: Waterhouses, Staffordshire
User status: Offline
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in what regard?
If you mean for the valuation when purchasing; I'm yet to see a valuation which doesn't match the offer price
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Kathryn W
Member
Registered: 12th Oct 03
Location: Widnes, Cheshire
User status: Offline
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I'm in the process of re-mortgaging and just wanting to know if most mortgage companies go on an average price of the street or actually what the house is worth...
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RichR
Premium Member
Registered: 17th Oct 01
Location: Waterhouses, Staffordshire
User status: Offline
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I had mine re-valued a couple of years back. Told the surveyor what I needed the value to be and that's what it was.
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stuartmitchell
Member
Registered: 24th Apr 04
Location: Kirkliston, Edinburgh
User status: Offline
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Usually your lender will send someone to value your property? In our case they didnt even come in, just drove up, lookrd through the window, went round the back and a day later they came back with a valuation which matched the one I gave to them in the first place 
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James
Member
Registered: 1st Jun 02
Location: Surrey
User status: Offline
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For re-mortgage sometimes they will send someone to look round, sometimes they will just do a drive-by valuation and sometimes they will do it purely based on data from the internet.
Depends on the lender.
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whitter45
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Registered: 15th Nov 02
Location: Norton
User status: Offline
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normally look at house price index in the area together with market performance
Probably also depends on value involved as the risk will be different
one of the big misleaders is how often property sell as its index based
i.e if your street has not had many recent sales the valuation is likely to be higher than streets/areas that have had alot of transaction
On a simple term look on zoopla at suggested house prices and you will see houses on the same street with same deign etc vary dramatically based on history of how many times its sold
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Toby
Premium Member
Registered: 29th Nov 05
User status: Offline
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I remortgaged to borrow additional funds for home improvements. The survey took aspects from recent house sales, purchase price and potential value of property once work was complete.
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John
Member
Registered: 30th Jun 03
User status: Offline
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I've had a surveyor up recently and swear he just went back to the office and looked on zoopla.
If no similar houses have sold recently they have absolutely no idea what to do.
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Kathryn W
Member
Registered: 12th Oct 03
Location: Widnes, Cheshire
User status: Offline
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Last house that sold was our next door neighbours for £89k but its a completely different house, one that has the same original layout is up for £126k... but we've got more 'features' its a minefield!
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Daniel_Corsa
Premium Member
Registered: 21st Apr 04
Location: Wigton, Cumbria
User status: Offline
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What did you pay and how long ago?
Roughly go by that figure add a little bit for any improvements made!
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John
Member
Registered: 30th Jun 03
User status: Offline
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Would have had to be big improvements for them to have made any difference.
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Kathryn W
Member
Registered: 12th Oct 03
Location: Widnes, Cheshire
User status: Offline
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£110k 5 years ago.. only decoration and a landscaped garden!
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Daniel_Corsa
Premium Member
Registered: 21st Apr 04
Location: Wigton, Cumbria
User status: Offline
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5yrs ago probably very much the same price if not a little less. As you will have bought quite high!
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