Property experts are seeing a rise in residential homes being “downvalued” – in some cases by up to 10 per cent – which is leading to homeowners having to pay more than expected when they come to remortgage.

The property market has been in limbo in the run-up to the Budget as buyers wait to see what is announced before making any decisions, and experts say this lack of demand is causing property values to fall.

One side effect is that millions of people, who are coming to remortgage, are finding their home is being valued considerably lower than they expected.

A down-valuation is where your mortgage lender decides that your home is worth less than it was previously valued at, or is worth less than what you are buying it for.

For existing homeowners, this can mean they have to remortgag

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