Should I Get My House Valued Before Remortgaging

Remortgaging Soon? Why a Property Valuation Could Save You Money

Getting your house valued before remortgaging can help you understand your loan-to-value (LTV), access better mortgage rates, and potentially release equity from your property.

Why property valuations matter when remortgaging

Lenders need to know how much your property is worth before they can approve your remortgage. This isn’t just a formality, it’s how they calculate your loan-to-value ratio.

If your LTV has improved since you first took out your mortgage, you might qualify for more competitive interest rates or have the option to raise additional funds through equity release. But without a current valuation, you and your lender are essentially working blind.

You don’t always need to pay for a separate valuation, as many lenders will carry one out as part of the application process. That said, it’s often worth getting an idea of your property’s current value beforehand, especially if you suspect its value has changed significantly.

What is loan-to-value (LTV) and why does it matter?

Your loan-to-value ratio is the percentage of your property’s value that you’re borrowing. The lower your LTV, the less risk the lender is taking, and potentially the better the rates they’re likely to offer you.

Why does LTV matter when remortgaging?

Lenders usually offer better rates to borrowers with lower loan-to-value ratios because the risk to the lender is reduced.

Even a small increase in your property value could move you into a lower LTV bracket.

Let’s say your mortgage balance is £180,000, and your home is worth £300,000. Your LTV would be 60%. Now, if your home has increased in value to £330,000, your LTV drops to 54.5%. That small change could open the door to more favourable mortgage products with some lenders.

Getting your house valued before remortgaging gives you a clearer picture of your LTV, which helps you compare deals accurately and make smarter financial decisions. Most estate agents will offer this for free, which can then be used as a guide for the mortgage application. If you need a formal valuation though (for example, buying equity from another owner), a paid for survey from a surveyor may be wise.

How Is Your Property Valued for a Remortgage?

There are a few different types of valuations that may be used during a remortgage:

• Desktop valuation – This is carried out remotely using online data and comparable sales. It’s quick and often free but less accurate for unique properties.
• Drive-by valuation – A surveyor inspects the exterior of your home from the street. It’s limited but useful for spotting obvious structural issues or the current external condition.
• Full valuation – A qualified surveyor visits your home to assess the condition and value in detail. This is the most accurate type and often preferred if you’ve made significant improvements.

In most cases, your lender will decide which type of valuation to use. However, if you think your home might be undervalued by a basic survey, it’s worth speaking to a mortgage adviser who can help guide the process.

Do you always need a valuation when remortgaging?

In most cases, yes — lenders usually require some form of valuation before approving a remortgage.

However, this may simply be:

• An automated desktop valuation
• A drive-by valuation
• A full property inspection

The type of valuation used depends on the lender, property type, and how straightforward the application is.

Signs your property may have increased in value

You might not be a property expert, but there are some telltale signs that your home’s value could have gone up since you last mortgaged it. For example:

• You’ve made improvements like a new kitchen, loft conversion or extension
• House prices have risen in your local area
• There’s increased demand in your neighbourhood, such as better schools or transport links
• Similar properties nearby have recently sold for a higher price

If any of these apply, it’s a good idea to explore a valuation. Even small increases in value can move you into a better LTV bracket and may unlock savings.

When might a valuation not improve your remortgage options?

A higher valuation does not always guarantee better mortgage rates.

For example:

• Property prices in your area may have fallen
• Your mortgage balance may still keep you in the same LTV bracket
• The lender’s surveyor may value the property conservatively
• Your affordability may still limit lender options

This is why understanding your overall mortgage position is just as important as the valuation itself.

How to estimate your property value before remortgaging

There are a few ways you can get an idea of your property’s value before you start your remortgage application:

• Online valuation tools – These can give you a rough estimate based on recent sales in your area.
• Speak to local estate agents – Getting two or three opinions can help you find a realistic average.
• Hire a RICS surveyor – For a formal and accurate valuation, particularly useful if you’re remortgaging to release equity, however, this will come at a cost so may not be needed. Speak with your mortgage adviser first who can guide you.

While an estate agent’s estimate is helpful, remember that lenders rely on their own appointed valuers, so there may be a difference between what you’re told and what the lender agrees with.

Need help interpreting what a valuation means for your mortgage options? At Kerr & Watson, we take the guesswork out of the process and help you understand exactly where you stand.

Can you release equity when remortgaging?

If your house has gone up in value and you’ve built up equity, you may be able to borrow more than your current mortgage balance and release funds from your property.

People often use this to:

• Make home improvements
• Fund a deposit for another property
• Consolidate debts
• Cover school fees or other major costs

Bear in mind that borrowing more may increase your monthly repayments, or you might pay a slightly higher interest rate depending on your LTV. That’s why tailored advice is so important. We’ll help you weigh up the pros and cons based on your financial goals and affordability.

How much does a remortgage valuation cost?

In many cases, the lender’s valuation is free, especially if you’re staying with your current provider. However, there are situations where you might have to cover the cost, especially if:

• You request a full RICS valuation independently
• You switch to a lender that doesn’t offer free valuations
• The lender requires a specialist report (e.g. structural survey)
• You are using a lender that does not offer free basic valuations

Valuation fees can range from around £150 to £1,000+, depending on the property and level of survey required. At Kerr & Watson, we’ll always make sure you understand the potential costs involved so there are no surprises.

Risks of Not Getting a New Valuation

Skipping a valuation or relying on outdated figures could mean missing out on better mortgage deals. If your lender underestimates your home’s value, you may end up in a higher LTV band, which means:

• Higher interest rates
• Limited product availability
• Less flexibility for borrowing additional funds

You may also face the risk of a down valuation, when the lender’s surveyor believes your home is worth less than you expected. This can derail your remortgage plans unless you’re prepared. This can still happen even if you obtained your own valuation beforehand, as lenders use their own appointed surveyors who may assess the property differently.

What happens if your remortgage valuation is lower than expected?

This is known as a down valuation.

If the lender values your property lower than expected, it could:

• Increase your loan-to-value
• Reduce available mortgage products
• Increase interest rates
• Limit how much equity you can release

In some cases, it may be worth challenging the valuation with comparable local sales evidence.

When Should You Get Your House Valued?

There’s no one-size-fits-all answer, but here are some scenarios where a valuation makes sense:

• You suspect your home has gone up in value
• You’ve made significant renovations
• You want to release equity
• You’re considering switching to a new lender

Even if you’re not quite ready to remortgage yet, knowing your home’s current value puts you in a stronger position when the time comes.

Frequently asked questions about remortgage valuations

Can I remortgage without a valuation?

Usually no — most lenders require some form of valuation before approving a remortgage.

Do remortgage valuations cost money?

Many lenders offer free basic valuations, although full surveys may involve additional costs.

Can I challenge a remortgage valuation?

Sometimes yes, particularly if you can provide evidence of comparable local sales.

Will home improvements increase my valuation?

Potentially yes, especially where improvements increase usable space or modernise the property.

Conclusion

So, should you get your house valued before remortgaging?

In many cases, yes — especially if you believe your home’s value has changed since you last took out your mortgage.

A higher valuation can help you access better rates, reduce your monthly payments, or release funds for future plans.

At Kerr & Watson, we’re here to guide you through every step of the remortgage process. From helping you understand your loan-to-value, to comparing deals across the market, to supporting you through valuations and paperwork.

Need help understanding how your property valuation could affect your remortgage?

At Kerr & Watson, we help homeowners understand their loan-to-value, compare lenders, and secure the right remortgage deal.

Speak to Kerr & Watson today to understand your remortgage options and secure the right deal for your circumstances.