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Using Valuation for Switcher with Existing Lender

  • 15-02-2024 4:21pm
    #1
    Mac-Chops
    Registered Users, Registered Users 2 Posts: 314 ✭✭


    Would this be a runner at all?

    Looking at a switcher mortgage currently and the valuation company has come back with a modest figure that moves us in to the >=60% bracket LTV rate.

    The equivalent rate with our existing lender is actually a lot more competitive and better than the variable rate we are currently on for the 70% LTV so if we were to back out of the switch, wondering would our existing bank be likely to accept the latest valuation at all?



Comments

  • #2
    Spark Plug
    Registered Users, Registered Users 2 Posts: 123 ✭✭Spark Plug


    Is the valuer on your existing lenders panel? If they are not it will be a fresh report I am afraid from somebody on their panel.

    If the valuer are on your existing lender’s panel they will need to fill out the report again on the existing lender’s valuation template (each bank has their own version).



  • #3
    witnessmenow
    Registered Users, Registered Users 2 Posts: 7,264 ✭✭✭witnessmenow


    https://www.boards.ie/discussion/2058336314/using-valuation-for-switcher-with-existing-lender

    I looked into doing something similar with PTSB, I rang them and the guy was very helpful

    We needed a very modest increase in the valuation of the house to bring us under the 80% LTV, and I explained this to guy on the phone and he said it would be no problem at all to get the house re-valued and update the info and to make an offer based on that. They had specific auctioneers you had to use though.

    In the end we couldn't go through with the plan because when I rang we were only a couple of days away from 90 days before our fixed rate expired and he said they automatically have to send out their offer based on the info they had, and the couldn't make any new offers during this time. He said we could do the revaluation and allow the offer to expire and then get a new offer. This was this time last year and interest rates were increasing, so between the original offer and it expiring the interest rates went up, meaning the rate with the new LTV wasn't any better than our original offer.



  • #4
    Mac-Chops
    Registered Users, Registered Users 2 Posts: 314 ✭✭Mac-Chops


    https://www.boards.ie/discussion/comment/121773672#Comment_121773672

    Thanks. Not on the panel from 5 years ago last time we did this anyway so your reply is as I pesimistically expected.

    €150 for someone to pluck another figure out of the sky then albeit you'd make the fee back in few months with the difference in rate payments assuming the other valuer agreed.

    Some racket they have on the go!



  • #5
    Mac-Chops
    Registered Users, Registered Users 2 Posts: 314 ✭✭Mac-Chops


    https://www.boards.ie/discussion/comment/121774637#Comment_121774637

    Fair enough, yes things moved so fast throughout last year with all the increases but rates look like they have possibly peaked now and starting to see more offers closer to the 4% mark.

    It's PTSB we are looking at alright. Went through their recommended valuer and I expect them to revert with an improved variable rate anyway based on the lower LTV:

    image.png





    Bigger difference with BoI though:

    image.png




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