Remortgaging and bank valuation

[theheatherjane1]

We are remortgaging and the bank are sending someone around to do a valuation survey.
I'm aware of what it involves but it's never happened to me before when remortgaging, only when buying a new property.
Is it the norm?

Many thanks

I think it depends on the lender and how close to the limit you are, if you need 50% ltv, bought in the last couple of years or loads of sales in your street etc then they just use data to value it. But if you are on the limit of loan to value and it's been a while since you bought it and your street doesn't have recent sales, and they are a cautious lender then they might want to look.

Yes, we had to have a new valuation when we remortgaged. It's the bank ensuring their assessment of the loan to value (risk) is still within their criteria. Ideally you will get a good valuation and therefore better Loan to Value % and therefore lower rate.

We bought less than two years ago and (painfully ) paid more than it was worth.
How badly can it go...?

Thanks for your replies

We had one, he was here for about 5 mins total! Walked around with a clip board, asked me to open the loft hatch and that was it.