do i need to have my property valued to remrtgage with a new company?

Valuation on a remortgage is carried out by a surveyor who is assessing on behalf of the new mortgage lender you selected to borrow from.

The survey is carried out to ensure that the property to be remortgaged is worth no less than the price you have stated in your application. The surveyor will report back to the lender with the max value they will concede.

In some cases the property may be worth more (however in the current climate I have not seen many of these cases come through).

The surveyor may also report back a lower remortgage value than the purchase price or value you stated on the application, if they believe the purchase price is not appropriate to the property or if the property has dropped in price.

To stress again: Valuing the property is the basis of security for the lender. They will always be approach with caution based on the current climate in the UK, and base their assessment on the basis of the lender being able to dispose of the property within a reasonable time scale, following repossession.

There are three types of valuations types a surveyor can choice from: Attended valuation, desktop or drive by.

Seek a fee free remortgage deal - thereby if it does not value up you have not forfeited your cost of survey.

If you want to instruct your own surveyor - they must be on the lenders accepted panel for them to accept the report.

I hope this answer helps somewhat. Please only use this information for illustrative purposes only. To get accurate financial advice please contact me via http://www.xcapade.co.uk

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The comment above about appointing your own valuation is risky as most lenders will still want to instruct a valuation for themselves and it is highly unlikely that they will accept yours on a first attempt (though you might be able to use it to challenge a low valuation).

this is mainly because valuations are carried out with lender specific criteria and a valuing surveyor needs to know who is due to see the data in order to know which lender rules to apply.

i do agree though that it is worth considering a free valuation type remortgage deal as these tend to be cheaper when comparing the true cost of a deal (ie allowing for all application and lender costs).