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Mortgage Equity.

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By (user no longer on site) OP   
over a year ago

Hi folks, I am looking at realising some equity in my property. My mortgage is with Santander. But the valuation figure they are giving me I disagree with. Has anyone ever encountered this?

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By *htcMan
over a year ago

MK

Ask some estate agents to value it, its free, they all will value it and give you a price, which will tell you if the price is correct or wrong.

Housing market is unstable at current

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By *andonmessMan
over a year ago

A world all of his own

I'm not sure you can challenge a mortgage company's valuation estimate can you? Unless you go with another company that is.

Don't forget, 10 years ago mortgage company's got a serious slapping over toxic debt so they're way more cautious now.

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By (user no longer on site) OP   
over a year ago


"I'm not sure you can challenge a mortgage company's valuation estimate can you? Unless you go with another company that is.

Don't forget, 10 years ago mortgage company's got a serious slapping over toxic debt so they're way more cautious now."
I agree totally. It’s not a massive difference. But I think they are off the mark. My reasoning is I know properties locally have sold for more. Maybe my logic is wrong

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By (user no longer on site)
over a year ago


"I'm not sure you can challenge a mortgage company's valuation estimate can you? Unless you go with another company that is.

Don't forget, 10 years ago mortgage company's got a serious slapping over toxic debt so they're way more cautious now."

You can challenge it. I did at last remortgage as it was the difference of being above or below 75% LTV which was over 1% difference in the interest rate.

3 independent valuations and they changed it. Was only a change of 10k in value but makes a big difference over the fixed term.

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By (user no longer on site)
over a year ago


"Hi folks, I am looking at realising some equity in my property. My mortgage is with Santander. But the valuation figure they are giving me I disagree with. Has anyone ever encountered this?"

Just about any company offering equity release will offer you the lowest possible valuation they think they can get away with. They make more money the lower they value your property, simple as that really.

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By *arnayguyMan
over a year ago

Durham Tees

If there are identical houses nearby you can check the prices they sold for on Rightmove. They get the details from the Land Registry.

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By (user no longer on site) OP   
over a year ago


"I'm not sure you can challenge a mortgage company's valuation estimate can you? Unless you go with another company that is.

Don't forget, 10 years ago mortgage company's got a serious slapping over toxic debt so they're way more cautious now.

You can challenge it. I did at last remortgage as it was the difference of being above or below 75% LTV which was over 1% difference in the interest rate.

3 independent valuations and they changed it. Was only a change of 10k in value but makes a big difference over the fixed term. "
2-3k will make all the difference to me! I’m in NI so house prices pretty reasonable. May I pm you?

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By (user no longer on site) OP   
over a year ago


"Hi folks, I am looking at realising some equity in my property. My mortgage is with Santander. But the valuation figure they are giving me I disagree with. Has anyone ever encountered this?

Just about any company offering equity release will offer you the lowest possible valuation they think they can get away with. They make more money the lower they value your property, simple as that really."
very true.

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By (user no longer on site) OP   
over a year ago


"If there are identical houses nearby you can check the prices they sold for on Rightmove. They get the details from the Land Registry. "
I’m in Northern Ireland so rightmove not a good option

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By *mm and HerCouple
over a year ago

Hertfordshire

What they do is quite complicated. You need to remember that they're thinking about the value in the near, medium and long term, and your ability to repay over that period too. So in the some parts of the UK (don't know NI well enough), prices are flat or falling, and the rate rise will mean that some might may find it harder to repay.

So good advice from others here but just remember that if you're close to the max LTV, the bank are going to be more conservative than just the actual house price.

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By (user no longer on site)
over a year ago


"Hi folks, I am looking at realising some equity in my property. My mortgage is with Santander. But the valuation figure they are giving me I disagree with. Has anyone ever encountered this?"

Let me get this straight, you are looking to release equity in your home like the tv adverts that seem to be everywhere? Not to remortgage your home? Some on here are confusing the two.

If it's the equity release then, as has already been said they will offer rock bottom because when you sell the house they want to make a bigger profit. Plus if the market falls dramatically, they will loose out altogether.

If I were you I'd get a couple of different companies to value the property but I think the answer will be similar.

Don't bother with estate agents because their valuation is based on your property being up for sale now and that's not what you are looking to do.

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By (user no longer on site) OP   
over a year ago


"What they do is quite complicated. You need to remember that they're thinking about the value in the near, medium and long term, and your ability to repay over that period too. So in the some parts of the UK (don't know NI well enough), prices are flat or falling, and the rate rise will mean that some might may find it harder to repay.

So good advice from others here but just remember that if you're close to the max LTV, the bank are going to be more conservative than just the actual house price. "
Thank you for your help

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By (user no longer on site) OP   
over a year ago


"Hi folks, I am looking at realising some equity in my property. My mortgage is with Santander. But the valuation figure they are giving me I disagree with. Has anyone ever encountered this?

Let me get this straight, you are looking to release equity in your home like the tv adverts that seem to be everywhere? Not to remortgage your home? Some on here are confusing the two.

If it's the equity release then, as has already been said they will offer rock bottom because when you sell the house they want to make a bigger profit. Plus if the market falls dramatically, they will loose out altogether.

If I were you I'd get a couple of different companies to value the property but I think the answer will be similar.

Don't bother with estate agents because their valuation is based on your property being up for sale now and that's not what you are looking to do. "
you mention “ get a couple of different companies to value the property” what kind of companies

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By (user no longer on site)
over a year ago

Hi my morgage is with Santander all i can say about them is they are the most unhelpful bank that anyone can deal with once they have you in the loop you have to do what they want or pay every penny you owe before they will consider helping you so much for a bank with the logo "we help to make you(the customer) prosper what a joke. You cant 3ven pay your morgage with another banks card they insist on cash

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By (user no longer on site)
over a year ago


"Hi folks, I am looking at realising some equity in my property. My mortgage is with Santander. But the valuation figure they are giving me I disagree with. Has anyone ever encountered this?

Let me get this straight, you are looking to release equity in your home like the tv adverts that seem to be everywhere? Not to remortgage your home? Some on here are confusing the two.

If it's the equity release then, as has already been said they will offer rock bottom because when you sell the house they want to make a bigger profit. Plus if the market falls dramatically, they will loose out altogether.

If I were you I'd get a couple of different companies to value the property but I think the answer will be similar.

Don't bother with estate agents because their valuation is based on your property being up for sale now and that's not what you are looking to do. you mention “ get a couple of different companies to value the property” what kind of companies "

Equity release companies. Loads advertise on the tv plus do a Google search.

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By (user no longer on site) OP   
over a year ago


"Hi folks, I am looking at realising some equity in my property. My mortgage is with Santander. But the valuation figure they are giving me I disagree with. Has anyone ever encountered this?

Let me get this straight, you are looking to release equity in your home like the tv adverts that seem to be everywhere? Not to remortgage your home? Some on here are confusing the two.

If it's the equity release then, as has already been said they will offer rock bottom because when you sell the house they want to make a bigger profit. Plus if the market falls dramatically, they will loose out altogether.

If I were you I'd get a couple of different companies to value the property but I think the answer will be similar.

Don't bother with estate agents because their valuation is based on your property being up for sale now and that's not what you are looking to do. you mention “ get a couple of different companies to value the property” what kind of companies

Equity release companies. Loads advertise on the tv plus do a Google search. "
ok and you think they would value it higher

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By (user no longer on site)
over a year ago


"Hi folks, I am looking at realising some equity in my property. My mortgage is with Santander. But the valuation figure they are giving me I disagree with. Has anyone ever encountered this?

Let me get this straight, you are looking to release equity in your home like the tv adverts that seem to be everywhere? Not to remortgage your home? Some on here are confusing the two.

If it's the equity release then, as has already been said they will offer rock bottom because when you sell the house they want to make a bigger profit. Plus if the market falls dramatically, they will loose out altogether.

If I were you I'd get a couple of different companies to value the property but I think the answer will be similar.

Don't bother with estate agents because their valuation is based on your property being up for sale now and that's not what you are looking to do. you mention “ get a couple of different companies to value the property” what kind of companies

Equity release companies. Loads advertise on the tv plus do a Google search. ok and you think they would value it higher "

No probably not.

Are you looking to remortgage or use an equity release company? There's a massive difference.

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By (user no longer on site) OP   
over a year ago


"Hi folks, I am looking at realising some equity in my property. My mortgage is with Santander. But the valuation figure they are giving me I disagree with. Has anyone ever encountered this?

Let me get this straight, you are looking to release equity in your home like the tv adverts that seem to be everywhere? Not to remortgage your home? Some on here are confusing the two.

If it's the equity release then, as has already been said they will offer rock bottom because when you sell the house they want to make a bigger profit. Plus if the market falls dramatically, they will loose out altogether.

If I were you I'd get a couple of different companies to value the property but I think the answer will be similar.

Don't bother with estate agents because their valuation is based on your property being up for sale now and that's not what you are looking to do. you mention “ get a couple of different companies to value the property” what kind of companies

Equity release companies. Loads advertise on the tv plus do a Google search. ok and you think they would value it higher

No probably not.

Are you looking to remortgage or use an equity release company? There's a massive difference. "
Truth be told I’m not sure. My current mortgage supplier offers you the chance to release equity in the mortgage which is what I want to do. I don’t want to involve an equity company as then you are tied into two different organiststions to which you owe money

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By *m3232Man
over a year ago

maidenhead


"If there are identical houses nearby you can check the prices they sold for on Rightmove. They get the details from the Land Registry. "

Sold for is diff than what they can sell for now

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