Borrow more - valuation

NICOLAWB

Hi
We want to borrow more on our mortgage with nationwide. This is to pay off credit cards used to completely refurbish the house. Will the revaluation for the extra mortgage take into account the refurbishment? If the valuation is less than we expect, would the mortgage offer be changed to reflect this or would we have to reapply?
Thanks

HappyMJ

NICOLAWB wrote: »

Hi
We want to borrow more on our mortgage with nationwide. This is to pay off credit cards used to completely refurbish the house. Will the revaluation for the extra mortgage take into account the refurbishment? If the valuation is less than we expect, would the mortgage offer be changed to reflect this or would we have to reapply?
Thanks

No the refurbishment has to be completed for the value to increase which means you need to find the money elsewhere such as a personal loan do the work then apply to refinance the personal loan on to the mortgage. If your credit is very good you might be able to find a personal loan interest rate which is comparable to the revert to rate on a mortgage and there wouldn't be any point refinancing the loan.

Securing unsecured debt such as credit cards is not advised. You should find other ways to repay that debt.

NICOLAWB

I'm saying I have completed the refurbishment. Now want to consolidate the debt from the refurbishment.
Would an internal inspection happen for a borrow more mortgage valuation?

dimbo61

How long have you owned the property ?
Have you had major building work done ?.
The surveyor will look at recent sales in the local area so unless you Live in London.
House values may not have increased that much