Property Valuation for Remortgage

Mon 18 Mar 2024

Given the challenges homeowners face balancing their bills each month, it is easy to see why remortgaging is a hot topic in the English property market. The volatile nature of mortgage rates in recent years has placed many households under pressure. If you’re keen to bolster your finances, or lower your overall monthly mortgage payments, it makes sense to ensure you have the best mortgage in place.

Remortgaging is a viable solution for many households, and the process starts with a property valuation. At ADM Residential, we are well-versed in property valuations. We work with homeowners looking to sell their home, and a valuation is the starting point of that process. By assessing a home on its merits, and in line with market demands and expectations, we help homeowners enter the market in the most effective manner.

We offer the same high standard of service and assurance to homeowners looking to obtain a valuation for remortgage purposes.

 Understanding Property Valuation

Property valuation is the process of determining the current market value of your home. It is a critical component of remortgaging, as it impacts the amount you can borrow and the terms of your new mortgage.

Get the most appropriate remortgage valuation for your home

It is important to note that there is a difference between a lender's valuation, and an estate agent's valuation. The lender's valuation is for the bank's purposes. The estate agent's valuation offers a comprehensive assessment of your property's value based on current market trends.

The mortgage lender valuation is of interest, and can be used for comparable property values, but local estate agents help you determine how your property is worth.

If you are looking for an alternative lender, or simply want to have to your house valued before you contact a mortgage lender or remortgage lenders, we are here to assist you. You don't need a full structural survey at this point, but you should have something more substantial that free valuations or using your own desktop research

Choosing the Right Estate Agent

When selecting an estate agent in Huddersfield, consider their experience in the local market, success rate, and range of services offered. An agent with a deep understanding of the Huddersfield property market can provide a more accurate valuation. Be cautious of agents who provide overly optimistic valuations to secure your business; a realistic assessment is essential for a successful remortgage.

Also, be wary of agents who only offer free valuations and who are unable to review your property in person.

We cary out an in person survey

While desktop valuations are a great starting point for homeowners, and we offer them ourselves, you need a tailored service that takes every aspect of your home into consideration. There is no point worrying about nearby properties and how much properties have sold for in your area, if your home isn't like theirs.

Don't sell for an automated desk top valuation or drive by valuation

If you have undertaken home improvement work of late, recent sales data for your local area is unlikely to reflefct this. You need a professional, like a skilled local estate agent or a qualified surveyor to properly assess your home's current market value. A drive by valuation or anything taken from online valuation tools won't provide you with an accurate remortgage valuation.

We can also help you find the most suitable mortgage broker, and we have a number of local professionals we have developed a suitable working relationship with. Our expertise and knowledge of the local market ensures you are well placed to receive and understand the best remortgage offer you can.

The Valuation Process Explained

Estate agents determine the value of your property by considering various factors, including its size, condition, location, and recent sales of similar properties in the area. They will conduct a thorough inspection of your home, taking note of any unique features or improvements that may impact its value of the property.

The agent will also analyse current market trends in Huddersfield, such as demand for properties similar to yours and any economic factors that may influence property prices.

Preparing for the Valuation

To ensure an accurate valuation, prepare your property before the estate agent's visit. Decluttering, minor repairs, and a fresh coat of paint make a real difference in the perception of your home.

Remember, first impressions count, and a well-presented property can positively impact its valuation.

Dealing with a down valuation

If your property receives a down valuation during the remortgage process, it's crucial to approach the situation strategically. First, review the valuation report for errors or overlooked aspects of your property that could affect its value.

Engaging in discussions with your mortgage lender, armed with additional evidence or a new valuation, can also be a constructive step.

Finally, exploring alternative financing options or lenders might provide a viable path forward if the down valuation impacts your remortgage terms unfavorably.

A down valuation is a concern for homeowners, especially when dealing with an outstanding mortgage you need to clear, but a down valuation is not the end of the world.

At ADM Residential, we have dealt with this situation on many times, and we'll do our best to allay your fears, and ensure you approach the market with accurate information, and the right mindset.

If you've been misled by a desktop valuation, come and speak with local experts who know the property value of homes in your area, and who will provide you with a specialist house valuation.

After the Mortgage Valuation: Next Steps

Once you have received your physical property valuation, you can use this information to proceed with your remortgage application. Your lender will consider the valuation along with other factors, such as your income and credit score, to determine the terms of your new mortgage.

It is also worthwhile to discuss the remortgage valuation result with us, as we can provide strategic advice on how to maximise your property's value if you decide to sell in the future. A remortgage valuation can also be viewed as a mortgage valuation, and it is sensible to keep your options open.

Whatever you decide your next step is, we'll make sure you have everything you need to make the best decision for you and your loved ones. 

Accurate Property Value Matters

Choosing the right estate agent is vital when remortgaging. Calling on a skilled and experienced local agent helps you claim an accurate valuation. This ensures you make informed decisions about remortgaging your home. Approach the process with realistic expectations and a clear understanding of your property's value, and you'll be well on your way to securing a favourable remortgage deal.

Remortgage Valuation Tips

As we are one of the leading local agents in Huddersfield, we are always looking to help, and here are some tips to consider:

1. Gather Documentation: Ensure all relevant documents about your property and financial situation are up-to-date and readily available.

2. Enhance Property Appeal: Make small improvements and repairs to your home to boost its perceived value during the valuation.

3. Know Your Market: Research recent sale prices of similar properties in Huddersfield to have realistic expectations.

4. Consider Timing: Market conditions can affect property values, so choose a favorable time for your remortgage valuation.

5. Seek Professional Advice: Consult with a local estate agent for insights and tips tailored to the Huddersfield market and your specific situation.

A remortgage valuation you can rely on

At ADM Residential, we take great pride in our mortgage valuation and remortgage valuation services. When you need an accurate and actionable house valuation, we are the experienced professionals you can rely on in and around Huddersfield, so please contact us today.