valuation for mortgage-need info

N

nelly

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I already have a mortgage with a bank who do a better intrest rate for LTV<80% (if I own 20% or more). They require a valuer to value my house, I pay valuer but valuer gives report to bank.

My question is the amount the valuer comes up with - is it the cost to rebuild or the cost of the market value at the moment?
 
Market value - all the bank care about is that on resale the property will fetch more than the outstanding mortgage.

mf
 
thanks guys- it actually cost me €105 and that was the cheapest after i phoned around - so it pays to shop around. they ranged in Cork from €105 to €140.
 
Most estate agents will do it for free if you lead them to believe you are selling your house. Just tell them you need valuation in writing to get approval in principle for a new mortgage on your proposed upgrade.
 
bb1, not a moral Maggie here but i think that is some sort of stealing!
Its booked now for this evening so fingers crossed! the difference in mortgage is significant.
 
bb1 said:
Most estate agents will do it for free if you lead them to believe you are selling your house. Just tell them you need valuation in writing to get approval in principle for a new mortgage on your proposed upgrade.
Click to expand...

I know estate agents aren't generally held in high regard around here but they are smart enough to know that a written valuation on a house you are "intending" to sell for approval on a new mortgage is a crock....

Sarah

www.rea.ie
 
can you identify the bank? UB would not do this for me. Local manager phoned me to simply say no.
 
Guys

if im right , most banks have a panel of approved valuers from whom they will accept mortgage valuations, and these are normally on a bank specific form, so trying to squeeze one off an estate agaent for free probably wouldnt be accepted anyway.

VT
 
First Active (sister of UB i think?) i got a list of apprved valuers and rang around those.
 
Hi Nelly
Could I get the contact details of the valuer you used I'm going to need one soon and 105 is a pretty good price.
Thanks
 
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