Remortgage and neighbours for sale

[remort]

Sorry if this is a daft question but I have never had to remortgage before!
i will be moving from an adverse lender to mainstream finally
do they revalue the property? I’m panicking as my neighbours has gone up for auction for 55k and mine was previously valued at 100k
we have the same layout but I have a garden, they don’t and mine has been maintained and looks a lot more modern

They usually do a valuation, but quite often it’s just a desktop one now rather than someone coming out.

Try not to stress about the auction price. A house two doors from us went to auction a few years ago and sold for way less than the others on the street because it needed loads of work. When we remortgaged shortly after, the lender’s valuation still came back much closer to the normal sale prices.

Having a garden and a better-kept interior will definitely count in your favour too.

It’s really hard to value as my apartment and my neighbours (auction) are the only 2 with the same layout as well
there is another 2 apartments but totally different, smaller kitchen etc

If you just remortgage with your current mortgage company, they probably wouldn’t even re-value it at all I think.

But she isn’t doing that. She’s using a different lender.

Of course they will revalue your property. They are taking on a debt so need to assess what the value of the asset is. But it wont be as simple as the flat next door is going for X. They’ll probably already have a well tested mechanism for a virtual property assessment.

Just be prepared though for the fact that they may value it at a lower price, but nowehere near 50% less.

auction prices are advertised low to drum up interest in the day. they dont tend to get sold cheap though. and it isn’t sold yet anyway so it’s irrelevant dont worry.

It’s also advertised around 89k but hasn’t sold, think it started at 105k

Yeah mine was started at around 125k when I first took the mortgage, when I swapped the mortgage into my name it got down valued to 100k
that was a guy that looked like a bulldog with a clipboard and told me “gardens add no value if they’ve no privacy”

I’ve just done this today. They’ve not revamped my house.