12/04/2022
My flat has just been downvalued by £50,000! 😱😨😧
I've owned this flat for 6 years. I need a new mortgage product as the current mortgage is expensive and I wanted to lock in at a good fixed rate for 5 years. Sensible thing to do.
So, my broker found a bank offering to give me a really good interest rate (particulary due to the current interest rates situation) and my monthly payments were going to be £100's less each month 🙌
I was excited & happy about the extra money I’d get back each month 💵 💵
I went to the valuation. I brought great comparables with me and gave them to the valuation guy. We chatted for ages, about the area, and how it was coming up and regenerating etc.
Job done. You'd think.🧐
I just got the message that he's valued it at £50k less than what we had discussed. Ucccchh. ☹️
So, now a few options:
1) Fight the valuation, go back and give them more comps, argue it out and hope they change their mind (can happen, but not totally likely).
2) Try another mortgage provider - have to go down the whole route again
3) Stick with the current provider and continue paying what I've been paying.
4) Take the new mortgage but then I'd have to come up with a load of money to put back into the property (which I don't want to do)
Arrghh. Well at least there are options. There's usually always options...I need to go and work out the plan of action. Bye 👋
As usual pls DM me with any qu’s on anything property related x 💜