remortgage valuation

jee

I bought a property 2 years ago pretty cheap- it needed a total overhaul.
I put in a deposit of around 30% at the time and the mortgage valuation came in at what I needed (i suspect this is because of the size of the deposit.)
So I've spent quite a bit doing it up. It's now at a very good standard. Now that I'm looking at remortgaging but my calculation looking at what other similar property has gone for I'm calculating my LTV at 60%.
When the property is remortgaged how does the lender assess the value? Is a lot of the evaluation on what similar property on the same road was sold?

ACG

Im in a similar boat.

It will depend on the lender. Assuming you are staying with the current lender they will either just base it on the original valuation or use a desktop valuation which may not be too dissimilar to what you paid.

You can usually pay to have it revalued and go from there.

Alternatively you can switch lenders and have a free valuation.

Its worth looking at other lenders as you may find you save a small fortune.

Thrugelmir

If you are remortgaging to a new lender then a valuation will be standard.

Given you've "overhauled" the property. The only way of substantiating your 60% LTV will be a valuation with your existing lender. As they'll have no way of evidencing your claim. Money spent doesn't always equate to increase in value.