Remortgage valuation

creditcarddebt

Hi, I am wondering if someone can help me. Our current mortgage deal with Natwest comes to an end 31 July 2014, and from looking at the deals offered to us they have placed the valuation at £275,000 which is the same value as when we purchased the property. The property had an extension that had been started, basically all the block work had been done but it was a shell. My husband finished all the work. The original mortgage valuation done when we purchased the property stated that once the extension was completed the value would be in the region of £325,000. I spoke to an advisor back in May and she said I could instruct them to get a new valuation at a cost of £346 or I could get a value from an estate agent and send it on and then they would adjust the value, which I did, and I also sent a copy of the original mortgage valuation stating the revised value once the extension was completed. I have spoken to Natwest today and they have said that I was advised wrongly about getting a new valuation and that they will only accept a new value on the property when they have instructed the valuation. The LTV at the moment is 71%, so do I have to just pay the valuation fee to access better deals or have I got any way of getting them to change to value without paying out the valuation fee?? We are unfortunately stuck with Natwest as since we took the mortgage my husbands income dropped dramatically, although is now stabalising again. We are both self employed. I am also slightly concerned about the new rules affectiing whether they will agree a new fixed deal. We are not looking to borrow any more, although we would have to add the product fee to the mortgage, so would this be classed as borrowing more?? Sorry it is all a bit of a ramble!

creditcarddebt

Can anyone help with this?

Thrugelmir

Lenders will want there own independent professional valuation of the property. Questionable whether the product fee would be added to the mortgage. More likely to raise concerns in fact.

creditcarddebt

If it was just a couple of hundred for the product fee it would not be a problem but the product fee is £995. I can see your point in it raising concerns though. Thanks for replying.