Remortgage time

Moomum

Well the time has come to remortgage , we purchased the house two years ago for £733k, mortgage of £625k as we needed some funds over to renovate.

We have now finished the renovation and the house has been valued by estate agents at £950k.

We have some credit card debt, about £15k from running over on the house renovation so we are thinking about upping the mortgage slightly to release the cash to pay these? Is it possible?

We are currently with nationwide, I understand their valuation will be different to the estate agents ? Will this be a problem?
Credit record is fine, no late/ missed payments or defaults etc, salary £150k and bonus closing in on the same amount.

We used a broker to get the mortgage 2 years ago as was our first and had no idea what to do, would we be best doing that again?

Thanks

Let_Us_See

As long as your were pleased with their service................why not?

Wh05apk

You will do best looking around, rather than going back to Nationwide, with a mortgage that size, 0.1% difference in rate would make quite a difference.

Adding your card debt should be possible, ignoring our bonus, most larger lenders would be looking at upto £7-750k mortgage.

The new lender will value your property, and will likely be quite a bit less than an estate agents valuation, might be worth finding a new lender with no upfront fees in case it is down valued?