Re-mortgage/ valuation advice

Jamsterthehamster

i have a 4 year term mortgage.
currently 8 months in.
bought house at discount now worth more due to work.

is it possible to get it re-valued by the bank to amend LTV, or is that a daft question?

thanks

Thrugelmir

If your mortgage is currently on fixed on a 4 year term product then more likely there will be an exit fee (Early Repayment Charge). So to save money there may have to be a material improvement in the property's value. The amount of money spent on property improvement does not necessarily add the same value to the property.

Jamsterthehamster

Thanks

When I say 4 year term, its a ported svr from C&G but mortgage ends in 4 years.
basically we moved with a 90% ltv to a cheaper house in a great area and have been overpaying so the ltv has dropped slightly.

3 bed House was on sale at £147k
bought at £137k
other 2 beds sold last month at £145k -3 beds are selling from £160-£180 on our street ( houses a re all the same)
we have much improved the house, and love it -no intention to sell, but do believe its worth much more than the £137 paid.

Thrugelmir

What balance is owing on your mortgage?

Jamsterthehamster

around £121k

Thrugelmir

If you mortgage ends in 4 years, how do you intend repaying the capital balance owed?

Jamsterthehamster

We will re-mortgage.
I am 33, wife also 33.