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Remortgage valuations plummet thanks to repossessions

Borrowers looking to remortgage their properties are suffering from reduced valuations due to the increase in repossessions and forced sales.

Conveyancing company LMS said that valuers had to take the selling prices of three similar properties into account when valuing a house, and, as some properties are being sold for as little as 50% below their top values, this has a knock-on effect on remortgage deals.

Remortgage seekers are also suffering due to stricter lending criteria and reduced availability of deals.

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2 Responses to “Remortgage valuations plummet thanks to repossessions”

  1. Lou Says:
    December 12th, 2008 at 9:06 am

    Ouch - that’s got to hurt. Seems like quite a harsh and arbitrary way of deciding the value, though.

  2. JC Says:
    December 16th, 2008 at 5:18 pm

    Surely they can distinguish forced sales from regular ones… but I suppose they’re looking at what people will realistically pay.

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