Property Value

MsConfused

Hi all,

My fixed mortgage is ending in August, but I'm just doing some preliminary research by comparing rates. I'm a little confused by the property value though. We bought in 2009 but have since done some substantial building work and turned it from a 2 bed to a 3 bed. When entering my property value do I enter the price we paid or a bit higher to account for the building work?

Sorry if this is obvious!

Thanks!

betmunch

You put in the value you believe it to be now.

The lender will do their own checks to see if they think you are correct.

MsConfused

That's great - thank you.

betmunch

No worries

Conrad

MsConfused wrote: »

Hi all,

When entering my property value do I enter the price we paid or a bit higher to account for the building work?

No, the only thing that counts is what other properties have sold for in your area that are comparible. If nothing is comparible, use common sense, but still by referencing other local property.

Adding costs to what you paid is not the way to value.