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UK: House price fall hits hopes of remortgaging for millions

Posted on 08 August 2012

Falling house prices are blocking millions of homeowners from cheaper mortgages as lenders knock off thousands of pounds during a property valuation. A so-called ‘down-valuation’ by a lender can wipe out thousands of pounds of equity at remortgage — and also trap borrowers desperate to move to a bigger home.
When you decide to switch lenders for a better mortgage deal, the bank or building society arranges a new valuation on your home to check it’s worth enough to let you borrow the sum you need………………………………………..Full Article: Source


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