NatWest mortgage down valuation

[Anonimouze]

Has anyone else successfully appealed and won?

Ours has just been down valued massively. Next door sold in December for 50k more than the valuation they have provided me. Compared to that one I have 1 extra bedroom, another living space, 2 extra bathrooms and double the garden size. Plus I am an end plot (field instead of being in the middle) so how can mine be worth less?

I have had 3 estate agent valuations ranging from £275-£310k.

I paid 200k in 2020 and have renovated top to bottom. When I purchased the house it was mainly inhabitable and at that time the survey valued it at 210k, the same as today?

NatWest remote valuation says £210k. No idea where this figure was made up from but it’s crazy.

The valuation was remote. Any clue where I go from here? There’s nobody available to speak to until next week and I’m really stressed. Thanks 😫

You can try op
maybe go to mortgage advisor

Yes. We have appealed and won ours with Nationwide two years ago.

We did the same. We said how much neighbouring properties had sold for and all of the changes we had made.

is there an online chat function or email? They overturned ours with no issue once we let them know.

I know yours is Nationwide but it’s pretty much the same I’m sure. It’s like they pluck a figure out of the air at times.

Thankyou this makes me feel much better, I thought it was hopeless.

All of the chats say unavailable until Monday so I’m stuck in some sort of limbo!

What’s the urgency?

Well it’s extremely stressful being stuck in limbo with all plans potentially falling through.
Would be nice to know what the issue is!

Have you had an offer accepted?

Yes everything in place 🙁
I am tied in for 5 years so not able to change lender either.

So you found out today?

Sorry I’m not really understanding what your getting at?

It’s an online system. It’s just updated today with a remote valuation much lower than expected, which means I can’t go ahead with plans.

I can’t speak to anyone as it’s not open now until Monday. I tried but they weren’t available to discuss it with. Just stuck on this online bit that tells me the valuation but no more.

Nof sure what else there is to the story?

I can understand why you’d be stressed about this. We were very stressed about it all. I was surprised by how easy it was to change it. Kind of like they try their luck with a low valuation.
Hopefully you’ll get to speak to someone on Monday and they can get this sorted for you ASAP.

If it was a desktop valuation they will have used an algorithm based on the previous purchase price & postcode and not taken into account that the property has been extensively refurbished.

You have a good case for appealing so Good Luck with it.

Thankyou both of you!

It’s a strange street of individual properties. Next door to the right there’s around 5-6 selling for 700k. To the left they get progressively cheaper. It’s not a new build estate where everything is the same.

Really hoping they can sort it or send someone out to do an in person one.

Yes... it is possible that a further charge would be made for an in person visit but that is what you need, I think. You could also ask your EA if you have one to provide evidence of other comparable properties sold for higher prices in the area.

Annoyingly I submissed the EA valuation report and next door selling price in my initial documents. Doesn’t seem they even bothered looking at it!

I’m confused. Are you selling your house? In which case this would be the buyers issue to take up with their mortgage company.

Or are you remortgaging your house?

Go back to the lender and request that someone comes out to the house to value it not a desktop valuation.

It will be worth having the comparable information on hand for the neighbours house also.

Your mortgage advisor should have recommended to the mortgage company to come and do an in person valuation because of all the work you've done. They should have been able to list everything you've done, evidence of nearby sold prices and recommended what you believed the house to be worth because of all the evidence

Me too

Sorry I thought I put this in the initial post. What an idiot 😳
Its a remortgage.

A remortgage
with a lender that your “tied in to for 5 years”?

Yes. I’m fixed for 5 years with NatWest but wish to borrow more to make the house work for me rather than move.

Not that bizarre a situation! Are you Sherlock holmes

Tbh when the last property we sold was valued (and the market was already stagnant if not falling as the property was in central London) our EA was very proactive to make sure there were no problems with the valuation. He sent the Lender copies of multiple local properties they had sold as evidence that the agreed price was fair.

Your situation is more complicated being a remortgage as you aren't using an EA but the principle remains the same that I would be collecting as much evidence as possible that their valuation was wrong. They should be looking at square footage as well as condition of the properties in order to compare.

Wouldn't bother engaging any further with that poster tbh.

Ok so you omitted from op that

remortgage on a property you live in
you want extra to do renovation

Exactly the same has happened to us. Down valued by £19000 and they are refusing to let us appeal it.