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Why does my mortgage company say my house is worth a lot less?

Tried to remortgage my home they say my home is worth less????

Asked on Jun 21 2013, House Prices in Preston | Report content

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  • Less than what? The pertinant questionhere is what valuation are you judging it against? If it is from an estate agent's valuation for sale then this could be 15% more than a valuation for remortage which doesn't include fixtures/fittings and will also allow for market variations. There is also forced sale valuation which would be 20-25% below an estate agents valuation for a very quick or auction sale.

    Answered on Jun 24 2013, Report content
  • Hi Skizz945, I assume you mean that it is now worth a lot less than when you bought it? If this is the case, then it is likely you bought your property before the market suffered problems in 2007/2008. Prior to these years, the property sector was seeing prices hitting all-time record highs, and this meant that there were eventually large falls - which were also quite dramatic - leading to a stalling of the market. Prices are now slowly starting to recover and are on the way up again, but it is those who purchased prior to the financial issues hitting the market who are undoubtedly feeling the squeeze most and suffering. Many thanks, Scott

    Answered on Jun 24 2013, Report content

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