House valuation for remortgage

[romeogolf]

We completed on our house a year ago and although it was the most expensive sale on our street to date (which is 50 houses, in just two styles built at the same time, so easy to compare sale costs) the house was in need of some cosmetic repair/upkeep and so appeared below market price for that type of home at the time.

An identical house to ours a few doors down is on the market currently for 16% more than we paid. The photos and details show it to be identical to ours in all respects except our garage was converted and theirs wasn't.

Come next year when we remortgage, assuming this home sells for broadly the price it's listed for, would this make it fairly straightforward for us to value our home in a similar bracket? Or does such a huge jump require something more complicated? We wouldn't be looking to borrow more, but it would definitely help the LTV! We had anticipated a 2-3% increase of our own... but 10%+ would be quite nice!

[kiethton]

You can get a big valuation uplift but is a lot easier to do if switching banks/mortgage companies.

I bought a place 18 months ago for £265k, did a load of work on it and then had it revalued (all within 8 months) at a valuation +33% higher, helped as it then moved the LTV band down significantly

[meehaja]

My last mortgage valuation was taken from zoopla, with Kat in mind I went on zoopla and uploaded as much accurate info as possible, got the valuation up by about £15k.

I’d be wary of using the full valuation with the risk of negative equity etc, as an example, we bought for £150k, currently valued at £228k on zoopla, for the mortgage I valued it at £215k to get us into the better LTV brackets.