How do I get my house revalued for a remortgage?

DaveStaines33

Hello,

My partner and I bought a house for £200,000 and had a 20% deposit (£40,000). We have spent £35,000 refurbishing and modernising the house and it has been suggested to us by an estate agent friend that it would be possible to market the house for £249,999 if we decided to sell (the neighbouring property was recently valued at £260,000 so we feel that this is the right ball park).

We do not plan to sell, but our 2-year fix (@3.29%) ends in one year and we would like to get the house revalued for mortgage purposes (i.e. with a more favourable LTV we will be able to potentially cut 3 years off of our mortgage life and still be paying the same amount each month).

How do we go about getting this revaluation? Do we just wait until we are arranging a new mortgage deal and ask the mortgage company to send out somebody to value the property?

Many thanks

kingstreet

The new lender will have a surveyor inspect the property to establish its value. You put an estimate on the application, in the firs place.

If going back to your existing lender for a customer retention product, it will usually use a desktop valuation system which will not reflect the improved value. You may have to offer to pay for a proper valuation in those circumstances.

Jimbo1976

Be slightly cautious in your estimations of the current value. Most people think their property is worth much than the value put on by a remortgage surveyor.

Ignore anything an estate agent says to you as they will give you an inflated value (hoping to win your business if you sold). If the property is "marketed" at £250,000 then the price you accept would be less than this.

A surveyor will look at local "sold" prices, ignoring "marketing" prices. To see local sold prices look on sites like Hometrack etc which will list the prices which local properties have sold for.