Is there a general rule of thumb that is used by a mortgage company to decide whether a valuation of a house is necessary to remortgage?
To try and clarify a little: Estimated house value: 150K Mortgage insured value: 130K Outstanding mortgage: 46K
How much of a remortgage could typically be taken with the existing lendor without the need of a valuation? I know it happens because I remortgaged a few years back and the banks mortgage advisor merely looked at her screen and declared a valuation would not be required "considering the remaining equity in your house".
I assume there is a benchmark percentage of remortgage value versus likely house value, say 70%, under which a valuation is not required?
Anyone able to clarify?