# Valuation - House



## mba (Jun 17, 2006)

Ok my mortgage term is up and i am locking myself into a 5 year fixed 85% LTV at 4.09% as it was the best compromise over risk & reward.

My house i bought 2 years ago at the backend of 2009 for £125,000 (3bed detached, garage, garden...). Similar properties on neighbouring street at the time where sold at £135k) I have put a new kitchen in and modified the utility room and just generally kept it clean & tidy.

The mortgage application obviously needs a valuation by an independent person, and this is free with the mortgage. I have put on the application form as the value is still £125,000, now my question is have i been too conservative on my estimate? More imprtantly have i given the valuer a "get out of jail card" will the valuer just say *Yea thats about right* or if it is worth more will they say it is?

Im sure if its worth less they will have no issue in saying so 

Mark


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## Duke Wellington (Dec 1, 2009)

From experience I have never seen a property valuation made on a UK property higher than given on a mortgage/remortgage application.

The valuer will either match your figure or give a lower valuation.


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## mba (Jun 17, 2006)

Duke Wellington said:


> From experience I have never seen a property valuation made on a UK property higher than given on a mortgage/remortgage application.
> 
> The valuer will either match your figure or give a lower valuation.


Thats what i thought - ****!


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## justina3 (Jan 11, 2008)

I just had three buildings re-valued commerical loans means i have to do it every 5 years and since the last valuation they have lost 40% which isnt the end of the world as i have no intention of selling anytime soon and i think the guy that come out is under estimating a bit to aids the banks books.


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## PaulN (Jan 17, 2008)

If your moving your mortgage it means nothing being more you just want the value of the mortgage, i doubt they would even revalue the property just yes or no to covering your current mortgage.


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## mba (Jun 17, 2006)

PaulN said:


> If your moving your mortgage it means nothing being more you just want the value of the mortgage, i doubt they would even revalue the property just yes or no to covering your current mortgage.


Thats what i thought, im not asking to borrow extra £££, plus i know the market has reduced a little since 2009 but with the extra work i put in i thought it probably balances out to 125k

Will be proper miffed if valued less!


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## bigslippy (Sep 19, 2010)

If it's the Nationwide BS , the surveyor will go into the property ( some do drive bys ) , if the value is at the figure or slightly higher than you input on the application then they will go with the £125,000 ...


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## Duke Wellington (Dec 1, 2009)

If the valuer doesn’t do a drive-by and makes a visit, tell him/her that you bought the house for £125k and how much you spent on the improvements you made in the kitchen and utility room. Hopefully, he/she should take a view that you are underestimating and value it at £125k.


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## mba (Jun 17, 2006)

Cheers guys, thanks for the input


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