New Mortgage after loft conversion

Redcat453

Hi there, I'm hoping someone can offer some advice.

We had a dormer loft conversion done a year ago and have added 2 double bedrooms and a bathroom to the property. We purchased the property in 2007 (so right at the property peak) and we have stuck to the same mortgage lender (but had a new deal) ever since to avoid the valuation (We have always been worried that it wouldn't be worth what we paid for it) We are not in negative equity but my question is this.... As the property prices are on the rise and we now have a much bigger house I wondered if we should get the house valued to see if we could get a better L2V on our mortgage? Should I speak to our current mortgage lender? what if we get it valued and it's worth less? (I really hope this isn't the case but you never know!) would our current lender offer a free valuation? Our mortgage is up for renewal next Jan so we have a bit of time.

Any advice would be greatly received. Many Thanks

amnblog

Depending on your current Lender a Broker could get the lender's valuation for you quickly and easily.

Redcat453

Thanks for your response Amnblog.

We nearly did change lender but got nervous about paying £200 for a valuation and then it not being worth what we were hoping for. Out of interest what is the going rate for a valuation?

toddler9

We are in a similar situation. Our deal with Natwest is coming to an end and we asked about revaluation. Apparently we could pay £254 for a surveyor to come or we could use their desktop calculation for free which valued our property at 15% higher than we paid for it 2 years ago due to market conditions. I guess if we instructed the surveyor that could possibly go higher as we have done a lot of work inside (new central heating, bathroom etc). So we are now dropping from 90% LTV to 80%. We did buy our house very cheaply though to be honest as it was an old persons house and needed everything doing to it.

hope that helps!

Tillytwopaws

Have a chat with your lender and ask what your LTV is, and they should also tell you what they have your house valued at. You could then check online to see if there are any properties sold near to yours that are of the same type and construction. That should give you an idea of what yours might be worth. Definitely pursue a free lender valuation first rather than part with your money for a valuation.

Redcat453

Thanks for the replies toddler9 & Tillytwopaws.

Good advice, I think I will do that. Some of the other houses on the street have sold for less but we have the extra rooms so I think it would be hard to say how much it's worth. I think we'll try for a free valuation (if possible) first and go from there. Thanks again.