re-mortgage valuation help please

seka1980

can anyone please help me whith a querry
i had a mortgage with c&g that was +.25 above the base rate, this has now ended and im on c&g's standard variable rate
which is currently 3%. ive had my house for 2 years now and have done alot of building work on it over the last few years
but i am at a point where i could do with a bit more money to finish it off.i paid £165,000 for the house
and my next door neighbour who has a simular place had his valued at £225,000 last year.
i've got 100% morgage on the £165,000.
my dilema is that i have no idea what my property is worth thus no idea what ltv deal i can get!!!
am i right in saying that when you remortgage you have to pay for a valuation even before you eccept the morgae deal you want.
or will i have to pay the morgage company to value my property only for them to turn around and value it low.
i basicly want to borrow another £15,0000 but am currently happy with the SVR that im on, what are my options

_Andy_

I'd guess you'd still be around 100% or possibly in negative equity.

pixiepie99

You could ask some estate agents to come round and give you some free valuations. Not like they've got owt else to do at the moment...

Make sure they know it's for remortgaging purposes though as this will be a different value to if you had to actually sell it at the moment.

feisty1

pixiepie99 wrote: »

"You could ask some estate agents to come round" "Make sure they know it's for remortgaging purposes "quote]


and what do estate agents know about remortgaging!!?

Bambywamby

This calculator will give you a rough guide to the current value of your house.

http://www.nationwide.co.uk/hpi/calculator.asp?calculate=true

Bambywamby

Results:-
A property located in UK which was valued at £165000 in Q1 of 2007, would be worth approximately £147399 in Q4 of 2008.
This is equivalent to a change of -10.67%.

pixiepie99

The issue here is that the OP has done a lot of work of the house which presumably added value so just taking 10% off the price they originally paid won't work. Presumably it will now be a similar value to whatever his neighbour's house is now valued at (i.e. £225,000 - 10.67%).

You will need a proper valuation to find out the accurate value of your house though.

seka1980

pixiepie99 wrote: »

The issue here is that the OP has done a lot of work of the house which presumably added value so just taking 10% off the price they originally paid won't work. Presumably it will now be a similar value to whatever his neighbour's house is now valued at (i.e. £225,000 - 10.67%).

You will need a proper valuation to find out the accurate value of your house though.

thanks pixiepie that is correct the house has been massively changed and is in a very expensive erea and we got it cheap.
so will i have to pay for a valuation or is there a way i can get my current mortgage company to revalue for free or do they always charge

aitch-aitch

I would suggest you go to an independant mortgage advisor.

It's 8 months ago since we remortgaged but the valuation was free of charge at the time. As all lenders structure their charges differently if you go to a mortgage advisor (most take a commission from the lender rather than charging you) you should get a good range.

pixiepie99

feisty1 wrote: »

and what do estate agents know about remortgaging!!?

Nothing at all, I would have thought. However, the value of a house is different depending on whether you want to sell it right now in this horrible market when you have to knock 20% of the price just to guy buyers to look at your house or whether you just want to know its approximate value on paper for remortgaging purposes.

Our mortgage advisor suggested that we go get three valuations from estate agents to get a rough idea of the value of our house as all she could do was estimate the value of our house based on the average fall in prices over the last year.