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Want to remortgage - who values house?

(8 Posts)
BabyHaribo Tue 30-Dec-14 19:45:11

Since we bought the house we have had a significant extension so it should have increased the value quiet a bit.

But who values it?

Who we get our mortgage with will depend upon the value& deals available etc so it can't be the mortgage provider can it?

Bowlersarm Tue 30-Dec-14 19:46:41

The mortgage company will send a surveyor round. They aren't going to lend money on a property they haven't seen.

Bowlersarm Tue 30-Dec-14 19:48:15

.....they haven't seen, and that they haven't valued.

BabyHaribo Tue 30-Dec-14 19:55:01

But the mortgages available to us will surely depend upon how much equity we have - which we need to know before deciding who the 'lender' is IYSWIM?

Confused confused

Bowlersarm Tue 30-Dec-14 19:59:57

Ask an estate agent (or several) for a house valuation, then you'll have your figure. Or you may know what similar houses have sold for recently.

But any mortgage company will verify the value for themselves once they've accepted your application.

MsAdorabelleDearheartVonLipwig Tue 30-Dec-14 20:00:22

Could you ask some estate agents round for a few valuations and get them in writing?

BabyHaribo Wed 31-Dec-14 18:47:40

Thanks that makes sense now!

cheerup Thu 01-Jan-15 15:21:15

It is a catch 22 that we got caught in. Mortgage lenders surveyors valuation significantly below 3x estate agents valuations meaning we needed to put additional cash down to get the remortgage deal that attracted us to the lender in the first place as LTV too high otherwise. Grrr. Especially as houses like ours are selling for the asking price and the surveyor didn't identify anything specific to our house justifying his lower valuation.

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