How is it in today's climate to borrow against your property? Does it make any difference whether you borrow against the property you reside in or against 'buy to let' one?

Yes it is possible to borrow extra funds from your property in the current climate, providing your total borrowing doesn't exceed 75% loan to value. So for example if your property is worth £100,000 and your current loan is only £50,000, you can borrow extra £25,000. Some lenders do not allow further advances in the first 6 months of the loan. The main issue today is a valuation of the property as many properties are downvalued. In line with current news surveyours are very careful and give very modest valuations.

On the issue of valuations, is it possible to commission another 'independent' surveyor if you disagree with the lender's surveyor's findings?

Yes it is possible. Sometimes if borrower disputes a valuation , lenders ask to provide 3 comparables for similar properties. Properties have to be in immediate location , around the same post code and should have been sold in the last 3 months. Quite often there are many properties for sale, but nothing sold, which lenders are reluctant to accept.Independent survey can be arranged, but you have to be sure that your lender will accept it, as valuer may have to be on their panel.

I find that valuers hardly ever change their mind. There is no doubt that they provide very modest valuation as they are defending interests of the lender. They want to be safe and know that if you will default on your mortgage, the lender will recover their funds.

Some time ago when you applied for remortgage or further advance with the same lender, they did not used to send a surveyor out, but were checking general price of your property on the internt (I am not sure whether it was a special computor programme or whether they were checking recent sale prices). Is this still the case? It's been on the news recently that mortgage applications and rates of approval are slowly going up, but are lenders still too cautious as far as valuations are concerned?

Yes lenders are quite careful and understandably, as they don't want to be accused of irresponsible lending. It is valuers I am more concerned with. They are just playing safe, they don't want to have any claims from lenders in a couple of month should the property be repossessed and will not cover mortgage amount.

Thanks for nice information.

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