Re-mortgage and how they value house

Moonchic82

My deal with RBS has come to an end and I'm going to be re-mortgaging with them. We bought our house at the start of 2008 so would expect a drop in value of the house but we have since converted the garage into another public room and have put in a whole new kitchen. How do the banks determine LTV for re-mortgages? Will someone come out to the house for a look around and to value it similar to how estate agents do when selling? Or do they use computer automated averages abd adjust for the average way the market has moved then add on a value for the improvements?

Thanks

CloudCuckooLand

Initial valuation will be computer-based. If you are not happy with that figure, you can ask for a visit - probably for an extra fee.

Problem for the surveyor will be he won't know what the house was like before, so may not spot or take much account of the conversion/kitchen improvements, and just go on local similar sales.

If your locality/street is doing better than the averages that could still be positive for you.

If your locality/street is doing worse than the averages that could be worse than the computer-based valuation.