Preparing for house valuation

Hi,

In the process of switching mortgage and we have been asked to arrange a valuation.

I asked the valuer if there's anything I need to do in advance and the only thing they mentioned is a BER which we don't have unfortunately. Aside from that is there anything we need doing? It's a regular lived in house so it could do with a tidy but I'm not sure if that matters to them once they can get around the place. We're hoping for an increased valuation on what we paid for it a few years back

delta_bravo said:

In the process of switching mortgage and we have been asked to arrange a valuation.

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Based on what you posted before, if you were able to get a valuation of €650k or above you would move into a lower loan-to-value (LTV) bracket (<60%), and you might become eligible for lower rates, depending on which lender you are switching to.

if you are reliant on a valuation to get you into a LTV bracket id gather some supporting evidence if possible (recent local sales on the PPR etc), we had a valuer out for the same purpose and he somehow managed to value our house at about 4-500k than its worth (an identical house was on the PPR having sold the month previous for an amount greatly in excess of his valuation) . It didnt matter as we were in the lowest LTV bracket anyway but it annoyed me as if we werent in that position it could have had financial implications.

Paul F said:

Based on what you posted before, if you were able to get a valuation of €650k or above you would move into a lower loan-to-value (LTV) bracket (<60%), and you might become eligible for lower rates, depending on which lender you are switching to.

Click to expand...

Yeah that's right, so im keen to have this go well in terms of getting an increased valuation I think it's now worth

Paul F said:

Based on what you posted before, if you were able to get a valuation of €650k or above you would move into a lower loan-to-value (LTV) bracket (<60%), and you might become eligible for lower rates, depending on which lender you are switching to.

Click to expand...

delta_bravo said:

Yeah that's right, so im keen to have this go well in terms of getting an increased valuation I think it's now worth

Click to expand...

Let's say you get a valuation of €630k. A lump sum overpayment of about €10k would bring you into the LTV<60% bracket, which would get you lower rates from Avant. (Your LTV is largely irrelevant if you are switching to AIB.)

Making that lump sum overpayment could be worth considering as long as doing so doesn't stretch your finances.

Be aware that if you switch to Avant, you have to shorten your mortgage term to 30 years. You can experiment with this calculator to see what that will mean for your monthly repayments. Change the Home Price (which is actually the outstanding balance) and interest rate depending on the fixed-rate period you select and the LTV bracket you think you will end up in.

They usually have a panel of EAs that you pick from.
Phone around and explain its for mortgage rate change, even tell them the valuation that you need.
There's always gonna be a range, so they might value towards higher end.
Dont just get someone out without giving them context.

They liter

delta_bravo said:

Hi,

In the process of switching mortgage and we have been asked to arrange a valuation.

I asked the valuer if there's anything I need to do in advance and the only thing they mentioned is a BER which we don't have unfortunately. Aside from that is there anything we need doing? It's a regular lived in house so it could do with a tidy but I'm not sure if that matters to them once they can get around the place. We're hoping for an increased valuation on what we paid for it a few years back

Click to expand...

They literally glance around the place. Just make sure any obvious flaws are fixed or not obvious (i.e. leaks etc).

Blackrock1 said:

if you are reliant on a valuation to get you into a LTV bracket id gather some supporting evidence if possible (recent local sales on the PPR etc),

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When we got a valuation we did just this. Got all the evidence (house and garden dimensions, basic information (GFCH etc), PPR records and similar properties on daft / myhome) and gave them to the valuer. Told the valuer what value we needed for the bank and he obliged. I'm sure once you're not taking the mick and the valuer can back up their valuation with evidence you get what you need.

Thanks all!

We got a valuation several years back to get us into an 80% LTV band for a lower rate.

We had to use a valuer from the bank's panel.

The valuation was ridiculously conservative, about 85% of the value at the time per CSO index and similar nearby properties.

Valuer was relying on repeat business from bank though so was never going to be generous.