Remortgaging involves moving your mortgage to a new lender or a new product, and the new lender will carry out their own valuation of the property as part of the application process. Whether you need or benefit from arranging your own independent valuation beforehand is a question worth considering.

The Lender's Valuation

When you remortgage, the new lender appoints a valuer, typically from one of the major surveying firms on their approved panel, to carry out a valuation of the property. For many standard residential remortgages, this is a desk-based or drive-by valuation rather than a full inspection. The lender uses the valuation to confirm the loan-to-value ratio and ensure the property provides adequate security for the new mortgage.

The lender's valuation is carried out at the lender's cost, or at no cost to you in the case of many remortgage incentive deals. You do not see the full valuation report, only whether the property has been valued at or above the amount needed for the mortgage product you have applied for.

Why Your Estimated Value Matters Before Applying

Your loan-to-value ratio, the outstanding mortgage balance expressed as a percentage of the property value, determines which mortgage products and rates you can access. Lower loan-to-value ratios give access to better rates. If you believe your property has increased significantly in value since purchase, remortgaging at a lower loan-to-value band can save money on the interest rate.

Before applying, it is worth researching recent sold prices for comparable properties in your area through Rightmove or the Land Registry to estimate your current value. This helps you choose mortgage products at the right loan-to-value band with realistic expectations rather than applying for a product that assumes a higher value than the lender's valuation confirms.

When to Arrange Your Own Valuation

You might consider arranging an independent RICS valuation before remortgaging if the property has had significant improvements that you believe have added value, if there is uncertainty about the current market value due to unusual property characteristics, or if you want to challenge a lender's desk valuation that comes in lower than expected. An independent valuation costs two hundred to five hundred pounds and provides a defensible professional assessment of the property's value.

Summary

You do not need to arrange your own valuation before remortgaging; the lender arranges and pays for their own. Researching comparable sold prices beforehand helps you choose the right loan-to-value mortgage product tier with realistic expectations. An independent RICS valuation is worth commissioning if you have made significant improvements and want a professional basis for a higher value estimate, or to challenge a lower-than-expected lender valuation.