Remortgaging

[timetogetlost]

Fixed term in up in December so I was thinking of browsing remortgage offers soon. My lender has estimated our property value on the last mortgage statement as way below zoopla. This would put us at over 40% ltv. I think we would get better deals. Should I contact the lender now and ask for a valuation? Or ask an estate agent to do it? What is the process please?

You’d have to pay for a revaluation, and my lender (that I am tied into at the moment) doesn’t have many levels of LTV with different rates and the difference in the rate between above and below 60% (which is where we are) was so marginal it wasn’t worth it.

Zoopla always over estimate value tbh. It’s certainly the case if I check against an address then see what it’s actually listed for.

Do you pay the bank for a valuation? Because the estate agents keep offering them for free. I just wondered if our house might have added value for the renovations we have done, such as adding a downstairs bathroom.

Ours was valued at way under Zoopla and the new mortgage company did their own desktop valuation. The estate agent could value it but they'd still do their own. It was about 10% under the LOWEST end of Zoopla..

The valuation was offered as free.

Everyone always says that zoopla massively overestimate, and sometimes they do, but weirdly they massively underestimated the value of ours. We hadn’t even done any major work to it, yet sold for £60k above their valuation. A new mortgage lender will always do their own desktop valuation.

Mortgage lenders value houses lower than estate agents to sell usually.

Check for lenders who offer free valuations. You can secure the rate six months in advance. If the rate goes down then you can always pick a lower rate later.

Thanks this is helpful. So no point getting a valuation really. Hopefully their desktop valuation will go up just enough to put us in the right bracket for the best offers.

What’s Zoopla got to do with remortgaging?

It would appear that working hard and achieving is now a privilege rather than just that - working hard and achieving. The norm should be having less than your neighbour. Working to better yourself and succeeding in doing so is a privilege, even worse if your parents did the same, instil the same ethics in you, help you with the savings that they put aside, etc

Whoops wrong thread. Have no idea how that happened.