nationwide remortgage / valuation

skater_kat

hey

i want to do up my kitchen and bathroom

have a lifetime tracker with nationwide, so ideally i;d like to borrow 10k off my mortgage to do the work rather than take out a personal loan.

does anyone know if natiowide will want to re-value the property prior to lending out an extra 10k?

thanks!

kingstreet

It's a further advance and the need for a valuation would depend on the current value and loan to value now, as it limits total borrowing to 80%.

skater_kat

yes, thank you.

but is the LTV ratio based on the original purchase price valuation?

e.g. bought pre-2008 so value has gone down 15k or so since then. should would they need to re-value now to determine the present LTV calculation.

kingstreet

They would normally use an indexed valuation, allowing for house prices to have altered on an averaged basis since the last valuation.

You may be able to pay for a valuation if you believe the true valuation would be higher than the indexed version.