Should I ask Mortgage Lender to re-value house?

lumencreative

We bought our house in March 2014 and our mortgage lender valued the house at exactly what we had offered.

Since buying the house, we have done the following work and I was just wondering if there was anything that we've done that could affect the value of the house. We've not done any of it to increase the value, but might be able to get a better interest rate if we can improve the LTV.

1. Knocked through entrance hall (very small space at bottom of stairs) to already converted garage to create a hallway. (Previously had to go through Living Room > Dining Room > Kitchen > Converted Garage to get to downstairs toilet...now everything is accessible from hallway).

2. Partitioned converted garage into new hallway and office.

3. Fitted new kitchen and blocked up door between dining room and kitchen (previously all 4 walls in kitchen had a door so very little worktop space).

4. Removed wall between kitchen and conservatory to make open plan.

5. Replaced cheap polycarbonate roof on conservatory with tiled/insulated roof and plastered ceiling.

6. Removed old broken decking from garden and turfed/new patio.

Our fixed rate is due to expire in August this year so I'm just wondering whether it's worth asking our mortgage lender to re-value the house.

Also, what if they did come and value the house and determined that the value had actually gone down? Will that affect our LTV?

Thrugelmir

lumencreative wrote: »

We bought our house in March 2014 and our mortgage lender valued the house at exactly what we had offered.

The lenders surveyor wouldn't have valued the property higher than the amount you agreed to pay.

Some of the alterations may be more cosmetic than adding real value. As peoples ideas do differ.

lumencreative

Thrugelmir wrote: »

The lenders surveyor wouldn't have valued the property higher than the amount you agreed to pay.

Some of the alterations may be more cosmetic than adding real value. As peoples ideas do differ.

When we were applying for the mortgage, the mortgage broker put the full asking price on the application in error but the valuation came back as what we had offered so all was good in the end (though the surveyor thought we had offered full asking).

Yeah, I know what you mean but unsure whether things like the opening the kitchen into conservatory or replacing the conservatory roof would count as more structural than cosmetic.

hcb42

Surveyors will quote the agreed price ,if they agree, i.e. no risk

if you want to know if it has gone up in price much, get the original EA out first, and then if you think it is worth the risk, apply for a new mortgage - if it is marginal, don't bother.