With demand outstripping supply in the housing market, buyers are increasingly willing to pay over the odds for properties, leading to the increase in down valuations, according to an online mortgage broker Mojo Mortgages. Its research shows the rate of down valuations was at With some properties, like three-bed homes, in such high demand, sellers are trying to see what they can achieve.
Buyers faced with down valuations may be able to renegotiate the sale price with sellers, especially if the sellers themselves are in the market for a new property and are relying on the sale to fund their next purchase. Some lenders also allow appeals on down valuation decisions, but require strong evidence about the sale prices of other properties in the same area in order to change their decision. Also, it may be that a valuation has been carried out remotely by someone at their desk.
It may be worth asking for an in-person valuation to reevaluate anything you think they might have missed. Each lender handles down valuations differently. Alternatively, you could speak to your lender about a higher loan-to-value LTV ratio — that is, the amount you want to borrow in relation to the value of the property. Be aware, however, that higher LTVs typically mean higher rates of interest and more expensive monthly repayments. Figures from Halifax earlier this week showed average house prices grew by Both options are fee-free.
However, it also permits unlimited overpayments which can be made at any time, enabling borrowers to essentially reduce this term penalty-free. While house prices continue to outpace deposits, we see this as a viable way of helping people onto the ladder.
The mortgages also come with a six-month Agreement in Principle AIP compared to an industry average of two to three months. This is a considerable uplift from , as the deals all but disappeared from the market during the pandemic over concerns around affordability. Barclays has a two-year fixed rate mortgage priced at 2. Both deals are also fee-free. Look also at the follow-on rate, which is what the deal will revert to at the end of the term. That said, many homeowners look to remortgage to another rate once their initial fixed rate period ends.
A fee-free independent mortgage broker such as our partner Trussle, will crunch the numbers on your behalf and advise on the best deals for your circumstances. We hope to see this trend continue so that everyone can aspire to own their own home.
Having worked in investment banking for over 20 years, I have turned my skills and experience to writing about all areas of personal finance. My aim is to help people develop the confidence and knowledge to take control of their own finances. Staff writer Mark Hooson has been a journalist within the personal finance, consumer affairs and fraud sectors for more than 10 years.
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