Valuation for new mortgage

[CheshireSplat]

Hi

HSBC's new mortgage rate has made me think about getting our house revalued to see if we have 60% equity in it. How do I do this? Would I pay the mortgage company to do a valuation? Or would I contact a local estate agents? And if so would they be interested in valuing it if I'm not actually going to put it on the market, as it would be a waste of their time.

Thanks.

I think HSBC will just do the valuation once you've contacted them, that's what they did with us when we changed rates with them last year. ....ring them and they sort it all out. was very easy when we did it.

It's just the mortgage company that value it I believe, as part of the application process.

I wouldn't bother having it valued by an EA as they aren't the ones who have to agree what it's worth for mortgage purposes.

Can you look at recent sold prices for similar properties in your area. You can find these on rightmove or Zoopla

HSBC will do it.

They may send someone out to do a revaluation or could be happy with a desktop valuation. You will probably have to pay a revaluation fee which can be added to your mortgage.

Great! Thanks both of you.

And maintai. I love mumsnet!

Are you with HSBC at the moment? You need to ring them to check the process.

We are with Nationwide and they have their own house price index which they use for remortgages. It is only for regions though so "North" or "North West" for example and as a result it is massively under valuing our house. I asked if I could pay for a valuer to come out and they said no. It had to be "exceptional" as to why they would move away from their index (rather than just market increases). If we remortgaged with their (low) valuation, we'd still have a fairly high LTV.

So we're having to change lender simply so we can get a proper valuation done.

Thanks Mandy. We'd be changing lender.

We've just remortgaged (signed contract on Thursday). The lender did their own valuation. By driving past the house... They were completely out tbh but it actually didn't cause any problems. How driving past our house could have given a fair valuation, I have no idea. I might have a crack den in here for all they know.

Also remember cheshiresplat, valuations for remortgage purposes are generally lower than if you were having your house valued for sale on the open market. Apparently this is standard practice....so would probs be a waste of time asking EA to do a rough valuation for you as it'd be more than a mortgage valuation

We've done it twice over the years (different times). Both times the surveyor valued it at the price we had paid for the house. Very much a box ticking exercise.