trying to remortgage, but valuation is well below market price,any suggestions?

Answer 1

Avoid variable rate loans when the market is in obvious decline. Mortgage loan availability's sure to suffer. Since it takes awhile to trickle down, maybe consider as a rental depending on local supply/demand.

Answer 2

Market price is only an estimate of what someone thinks the property might fetch on the open market. It is not an exact science and at the end of the day, the market price is what someone will actually pay you for the house. If you are only remortgaging and not buying, I don't therefore see how it comes into your situation. A mortgage provider will pay a surveyor to value the property as they rely on his/her professional expertise and that's what you have to go with.

Answer 3

think very hard about trying to mortgage close to value. if anything goes wrong in your future expectations you have no room for manouvre and are inviting a forced sale where the price will be less than the loan, leaving you with net debt or bankrupt.

for a first home you may have no alternative, but dont have that much to lose. since you are remortgaging, you have equity tied up which you would lose.

Answer 4

That is difficult to perceive that the appraised value is , as you say, well below the market price. Are you sure you are right with your estimate of the market value. If you are, get a second appraisal done to confirm and show that one if better or closer to your valuation.Make sure it is a reputable firm doing a full appraisal and not just a quick market comparison or drive-by type.

Answer 5

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Answer 6

yes dont waste any more time on it