I’ve got a situation where my current mortgage provider (Nationwide) is significantly undervaluing my property. For example, online they have valued it at £405,000, and when I emailed asking about my remortgage options, they did a special valuation and valued it at £390,000. However, they didn’t want me to be at a disadvantage, so they agreed to keep the £405,000 valuation.
Now Zoopla is showing my home value as £ 428,000,0, and Monzo is showing my home value as £440,000. I am a bit confused about what to do. Has anyone else been in this scenario? For ease, I was going to stick with the rate that Nationwide gives for now, but I highly doubt this. If a better deal comes bythe end of July, I will switch.
How would other lenders even value your property? All online calculators ask you to put down the house value, and I’m not sure which one I should even be putting down
The short answer is most places guess based on sold prices, this is not always a useful barometer though depending on where you live and what the local houses are like e.g. if you happen to have a 5 million pound house on the same street/postcode as you it can skew the figures massively. As it happens I had my house valued this week and Monzo’s estimate is 6% higher.
Interesting. I’m with them and have been for years. Mine is due around the same time, but I have to wait until 1st April to find out what they’re valuing it at.
I’ll happily move if they play silly beggars. Zoopla is a good indicator but they use their own desktop tools. I’d err towards the lower end on zoopla rather than the mid or high unless you’ve changed anything substantial.
Gone are the days when they used to send a valuer out. Sit there and ‘computer says no’ these days…
My initial valuation was 15% lower than what it ended up being, which would be £60k in terms of your place. Interestingly, the higher valuation was in line with my own estimate: so much for professional valuers!
Yeah, I think in my case, they are going to go with the current estimate of what they deem mine to be! unless something drastically changes in the next 9 days or so!
I’d an initial valuation from one place which was ridiculously low. The mortgage provider used a different valuer which came back with a valuation within a thousand of my own and the broker had to redo the loan with the higher valuation.