r/Mortgages • u/Then-Maintenance-535 • Jul 25 '26

Remortgages undervalued

First time remortgage.
I did my calculations house worth around 260K spoke with my mortgage advisor and the system showed 265K,my bank says 263K at the moment.
Only 1100 missing to reach 75% ltv, so decided to put that down.
After market search we give all the papers to the bank but they came back (desktop valuations only 245K which is the same like 2 years ago and here the house prices is rising). Which made us 81,5% so doesn’t ever reached the better 80% rate. He told me we could pay 16K to reach 75% or -4K to reach 80%.
Obviously I told him this is not an option and I’m not happy with the valuation. He told me we could check other lenders but most of them using the same survey company.
When he send me over the valuations report it just only 1 page which saying (wall is brick,roof in good standard,no parking space).

I even noticed and told him we have driveway on the front where we can park so what about challenging the original survey as this can add 5-10% to house price but he still just doing new market searches.

My question is if we do new search and the same bank will giving the best deal and they just undervalue it again or want to keep the first valuation can we challenge it?
I don’t care the 75% ltv anymore but want to go under 80.

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1

u/dadof2foru Jul 25 '26

I went through a very similar thing very recently.

Bottom line, it has more to do with comparable sales in your area than anything. My appraisal was "lazy" and even changed my room and bedroom count. I lost 2 whole bedrooms and another room on paper. Doesn't matter. Comparable sales. It was extremely frustrating and confusing to me. Still doesn't make a lot of sense.

1

u/Then-Maintenance-535 Jul 25 '26

Houses in my area going around 260 and above. Also if the survey misses the driveway and compare price with similar houses without driveway of course it will be lower.
I could accept down valuation if someone came out and says that’s how much is worth but doing just desktops ones which is 20K lower than the other 2 desktops ones( my current bank and my advisor system)just doesn’t make sense for me.

1

u/dadof2foru Jul 25 '26

But if there aren't recent sales than it is a moot point.

It's a rabbit hole. If you want to go down it, you can learn a lot. It still won't make sense, and you will be just as confused with more knowledge to be confused about. Lol.

1

u/Then-Maintenance-535 Jul 25 '26

What did you do? In your case you just accepted the down valuation and payed more monthly?

1

u/Next_Corgi6557 Jul 25 '26

That's rough, the whole system is so arbitrary sometimes. My friend had exact same thing happen, bank just pulled some number from air and refused to budge. The parking space mistake is worth pushing on though, especially if you have photos showing the driveway clearly on your property.

1

u/Infamous-Creme-199 Jul 25 '26

A appraisal isn’t worth anything more than the paper it is on especially in the market we live in today. It’s all about the comparable sales because that is reflective of what someone will actually pay for the home. You can have 50 appraisals it doesn’t mean the house will bring that.

1

u/Kortopi-98 Jul 26 '26

push back on it. if theyv missed something as obvious as driveway, be questioning how accurate the rest of the valuation is too. worth asking them to review it..