House valuation for remortgage - what are they looking at/for?

[Moonopoly]

We have a valuer coming to look at the house for a remortgage. It’s next week so obviously can’t do anything major but what kind of things are they looking for?
Are there small things I can do to help the valuation?

No. Presuming you don’t live in a shit hole!

Quite simply they are looking at whether if they were to have to foreclose - could they get back their loan.

So really is considering whether structurally sound and in line with value of neighbouring properties

It’s not a shit hole 😆
We do have a small water mark on bedroom ceiling from previous roof leak that we had fixed - is it worth painting that?

No

He won’t be looking at the cosmetics in the slightest.

It is structural and whether the value is In line with what neighbouring properties have achieved

Will things like damp patches not trigger further investigation/asking if they are fixed?

@Moonopoly

Will things like damp patches not trigger further investigation/asking if they are fixed?

Not if a patch on the ceiling, no

Is he actually coming in or is it a drive by?

Coming in

My last one was a few years ago and he spent 5 mins in the house. Literally walked round, back garden and left.

They just want to know it exists and it’s tough size. My brother does valuations, it’s mostly done online based on area trends etc.

They're making sure if you sell the mortgage amount outstanding will be covered.

I've not heard of a valuer for a remortgage actually coming in. I'm not sure anyone has actually looked at the outside. I got the impression they were done by searches online!

My last one was surprisingly thorough as it was no where near a loan to value threshold and I wasn't changing lender. I had said it had increased in value since we first bought and I was borrowing more, but no where near the original amount and again that made zero difference to ltv.

There were two valuers and they even went into the loft which my original surveyor hadn't done. They photographed everything and asked me the reason for re-mortgaging. I explained I was borrowing more to finish off the renovations i.e. new windows etc. They seemed quite happy but I was surprised as previously it had just been a drive by on a remortgage.

It will be a five min job. He won’t look at anything cosmetic at all.

One of mine (a good few years back now) also took into account sold prices for similar properties within 1/4 mile.

I only know that because the house was undervalued based on that rather than the house itself.

We had one just before Covid and the guy was inside for about 4 minutes. It was so fast.