| 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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