How to make sure the property is valued at least at your estimate

Before the valuer comes out to your property, the lender will tell them the valuation figure you’ve given.

So this will likely influence their expectations.

If you get the opportunity, be at the valuation. Sometimes this isn’t an option as the valuer might just look at the exterior so you won’t be given an appointment time. Sometimes they don’t even attend the property, but rely on internet-based systems and their database.

Tell the valuer about similar properties to yours nearby that have sold for big money. Valuers rely heavily on these ‘comparisons’ to justify their valuation and usually keep a record of at least three to support their valuation figure. Properties that have sold carry a lot more weight than properties that are only advertised.

What if the property is valued at less than my estimate?

If the value comes back lower than expected, it’s only a problem if it pushes your LTV above the maximum allowed for your product. If this happens, the lender is likely to offer you an alternative product (if it has one), but you should recheck your sums and see if there is a better deal for your new LTV. Just because the lender you’ve applied to is good for one LTV band doesn’t mean it’ll be good at another.

What if the property is valued at more than my estimate?

Not unheard of, but certainly rarer. If the value is high enough, it could push you into a lower-priced product because you’ve dropped an LTV band. You might even want to approach another lender, as the lender you’ve applied to might not be the most competitively priced for that band.

If you find yourself in this position, don’t cancel the first application until the other one is in the bag. Just because lender A’s valuer thinks it’s worth more, it doesn’t guarantee lender B’s valuer will agree.


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