From This is Money:
This is causing more misery to homeowners who have seen a third wiped off their house prices.
Mortgage brokers are urging homeowners wanting to remortgage not to accept a valuation if they think it’s too low – or risk missing out on the best home loan deals.
A low valuation can be devastating for any homeowner searching for a good remortgage deal. It means the homebuyer’s equity in their home is cut, with the result that many of the best remortgage offers are closed to them.
HOW TO CHALLENGE YOUR MORTGAGE VALUATION
As a result, families are being forced onto more expensive mortgage deals, costing them hundreds of pounds extra each month.
The phenomenon has been created by banks and building societies using average mortgage valuations for your area or regional house price indices rather than individual surveys.
In these instances, those remortgaging are not visited by a surveyor, but instead are given an estimated price for their property based on a computer progr…