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Remortgage Valuation How does it work?

Hi

I have a question. When a valuer is putting a value on a house do they take into account the estimated value of the property, provided by the remortagee (myself). ie. if I tell the bank I think the property is worth 100k for the purpose of the remortgage will the valuer know this or will their valuation be entirely based on a visit to the property?

Would a valuer ever value a house more than the remortagees "estimated" value.

I'm just trying to work out exactly how the process works before applying for a remortage. thanks!

Tim

Reply to
Tim
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The mortgagee is the person or company to whom a mortgage has been granted, in other words the lender. If it's your house and you're borrowing, you are the (re-)mortgagor.

Not necessarily. Depends who instructs the valuer. If it's you, or your mortgage broker, you/they will probably tell him. If it's the lender, make sure you tell him when he visits.

If what he thinks it's worth is only a little short of what you want him to think it's worth, he may be prepared to be a little accommodating. Hey, does he suffer from some obscure physical disability? Why's he standing there with his arm in this contorted posture, twisted behind his back, palm horizontal and facing upwards? Oh, he's smiling too, sort of meaningfully, and his eye's winking. All very strange. Could he be trying to tell you something?

Of course, especially if your estimate is too low.

Reply to
Ronald Raygun

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