Remortgage problems with 0.00% growth?

Remortgage problems with 0.00% growth?

10:50 AM, 25th October 2021, About 2 years ago 13

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My 5 year fixed rates came to an end in June of this year, I began nudging my brokers in September last year, and they only started dealing with them in May of this year.

One mess after another preceded the properties surveys, which came back valued the same as they were valued when they were remortgaged 5 ½ years ago!

Both properties are in very good areas of North London and the two surveys for the two properties came back at 0.00% increase, how can this be when both areas are in Greater London which has increased by almost 32% in the last 5 ½ years when the last remortgages were done on the two properties.

Unbelievable incompetence by my brokers, who have failed to stand up for me with the above arguments.


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Seething Landlord

11:16 AM, 25th October 2021, About 2 years ago

Perhaps the lenders have listened to the doom and gloom predictions of a property market crash.


14:43 PM, 27th October 2021, About 2 years ago

A 0% increase in London over 5 years is all but impossible.
Having renewed my 5 year mortgages over the last 2-3 months all properties have gone up by about 15%, some in and out of London.
I would suggest a research day looking at Zoopla for past evidence and Right Move for current situation.
I know i am stating the obvious but don't forget the mortgage valuation is not the value of the property it is what the lender could get in an auction if they re-possessed in the 1st year.
Lenders, in my experience, will not change the valuation so I would suggest another broker and different lenders and meet the surveyor with your evidence, worked for me!!


14:43 PM, 27th October 2021, About 2 years ago

Maybe the properties were overvalued 51/2 years ago? Just a thought. Mine was when I took out my mortgage, but then I wasn't complaining.

russell branch

14:54 PM, 27th October 2021, About 2 years ago

My recent sales experience in SW15 and SW18 of the London postcodes actually supports the findings of your valuations.

Graham Bowcock

15:52 PM, 27th October 2021, About 2 years ago

The question to be asked is not about percentages but about the absolute values. Are the figures provided in line where you would expect them to be? Percentages are not relevant. If the actual figures look light then check the valuer's evidence to see what they have relied on in assessing value. It can be difficult at the moment with few sales going through, leading to a shortage of evidence.
As a valuer I can confirm that banks do not put pressure on valuers for any particular value (sometimes individual managers do, but then only to get a high value) but the pressure is coming from PI insurers. They have got very sticky about renewals so, understandably, valuers have become more cautious.
If my firm makes a mistake, we have a massive excess on valuations, not to mention future premium increases (against the recent increase that we have already ahd despite no claims).

Dylan Morris

8:36 AM, 29th October 2021, About 2 years ago

Valuer’s working for lenders have to provide 3 comparables when arriving at their valuation figure. Ask the lender to give you the 3 comparables the valuer used, then challenge them on it.

Colin Dartnell

12:18 PM, 29th October 2021, About 2 years ago

Have you had them valued by local estate agents to see if there is any difference. If there is then go back to the lenders. Mortgage valuers are covering themselves by undervaluing in case there is a problem later. Why are you blaming the broker, that is all they are, brokers! They are not valuers, if you are unhappy with the valuations it is up to you to supply your broker with the necessary facts. I wouldn't use a broker who takes that long to start working on your mortgage it could be costing you money. I ring mine when the need arises and have something back in a few days.

Colin Dartnell

12:24 PM, 29th October 2021, About 2 years ago

Reply to the comment left by Dylan Morris at 29/10/2021 - 08:36
It might depend on what has been paid for the valuation, some do not give you the right to a copy.


14:10 PM, 29th October 2021, About 2 years ago

I've recently renewed 3 out of 4 five year fixed mortgages on properties in NW London all with different lenders and without a problem. Last one due next year and not anticipating any issues. I would crack on with that research and consider a different broker.


15:55 PM, 29th October 2021, About 2 years ago

Check the House Price Index on the Land Registry or Nationwide. Press reports say that London has decreased during lockdown but with that you should have some ammo

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