From This is Money:
Homeowners looking to remortgage have been hit by mortgage lenders revaluing their properties downwards and reducing their equity.
Put in the price you paid, the year, and use the table below to see which year Halifax’s most recent second quarter of 2009 data says property prices are broadly similar to now.
Bear in mind this simply provides a quick guide as a starting point.
The biggest problem facing valuers at the moment is the lack of comparable sales data. During the boom years many valuations for purchases on standard homes were simply done on a drive-by basis, if that. This checked the property existed and compared it to recent sold prices for similar properties in the area. A slump in transactions has made these comparisons tough, but check for sold house prices near you to provide extra evidence of why your home should be worth more.
You can search for sold house prices at www.nethouseprices.co.uk…