If I get a new valuation carried out on my property do I qualify for a better mortgage deal?

Carrying out a more up to date valuation on your property may help you to receive a better mortgage deal, however this is not always the case.

Any deals offered to you will be subject to your Loan to Value (LTV) % - this is calculated using your total mortgage outstanding as a percentage of the valuation of your property. Once you have logged in to Manage Your Mortgage (opens in a new window) you will see both the last valuation carried out on your property and a free House Pricing Index (HPI) value. In determining your current LTV% we use the higher of these two figures, to give you the best outcome and access to the lowest applicable deals.

Alternatively, if you believe your property is worth more than we hold on file, you can choose to pay for a property valuation and we will contact one of our approved surveyors on your behalf to arrange this. Please note that if you choose this, the new valuation is used to calculate your revised LTV, whether it is higher or lower than the current value, as it has been carried out by a independent valuer. This may impact any additional borrowing you are looking to apply for and/or any new deals that you are looking to switch to from your current deal.

When should I carry out a new valuation?

If something has happened which you think will lead to a change in your property's value then it may be worth carrying out a re-valuation, for example, an extention, loft conversation or a conservatory.