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Do they send their own estate agent round to value your house then or what?
Often just a drive by from what I've read.
If remortgaging with the same lender often new valuation just based on house price index increase.
In our case we didn't even get a drive-by. They just did an online search, which massively overvalued our property compared to what next door just sold for (despite next door being identical in the same terrace, but in far better nick and having a double garage)
More here remortgage talk here if you missed it:
http://singletrackmag.com/forum/topic/just-remortgaged-did-we-get-a-good-deal
You might want to see what deals Brexit brings. Rates could fall again.
The bank sent two different people to survey the property, one for the fabric of the building and
Another for the internal building. IE kitchen bedrooms, bathroom etc.
Right 1st we borrowed from our house. The land stamp duty cost us £12,000.00
But you have up to Three years to claim this back if you sell the property.
You also have to pay Conveyancers costs too . And also you have to have Life insurance on both of your properties.
Think that's about it : (
no idea, i applied for a remortgage about a month ago, got a letter through to say fine, no one has contacted me about viewing etc. Whether they used Zoopla or a drive by or didn't care????
My experience from remorgaging about 2 years ago was there was no valuation carried out - to my knowledge at lease. Maybe it depends on how old your house is? Mines only about 20yrs old so a pretty easy thing to evaluate I guess, but if you're in a 50yr old or more house then maybe they might need a closer look?
I'm going through this now and one lender has asked for a revaluation because the value of the house is less on their systems that the average of the four estate agents that have been round already.
I am in a slightly unique position in that I need to do a transfer of equity and a removal of 25% equity from the property.
if you're in a 50yr old or more house then maybe they might need a closer look?
Ours is ~100 year old we reckon and they didn't seem bothered. Mind you it is a terrace so maybe they had enough information from the 24 adjoining properties?
Generally depends on a combination of loan-to-value and total value. They need to know that the thing that the loan is secured on is worth more than the value of the loan. If LTV is low, then they don't have to be too careful on the value of the house. I guess they might also be more picky if LTV is at the upper bound for a particular mortgage rate.
We had a valuer out from the lender. He was here for about 5 minutes...
Just agreed our remortgage. Valuation done over the phone based on house price index. Dropped us down to the lowest LTV ratio which I'm not convinced we'd be in based on a proper valuation so not worth chasing rates elsewhere for us.
As above, need for any sort of valuation depends on LTV and loan size. The general view is if you've been paying your prior loan and don't want an increase then its an easy "yes"
We haven't got enough equity to make it worthwhile. 200k mortgage on a ~240k house.
Interestingly, they weren't at all concerned that the OH was from Denmark