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Mortgage/remortgage

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Hi guys we tried to get a remortgage on our property to borrow a further £30,000 to do a extention, nat west. Three agents valued us at £160,000 to £170,000 however reportage valuation said £135,000 which is only £5,ooo more than we paid and barring in mind we have just put £15,000 kitchen in and £5,000 on new gas boiler etc and £18,000 on a conservitory and £8,000 on a plot of land to the side. We appealed but they said no.

We got advised to put the house on the market and move rather than extend as we are at the ceiling level for our estate.

Our question is... Our buyer is going through nat west! Their mortgage advisor knows our history and so does the selling agent, they are both saying don't worry it should value up to £160,000 as they value differently for someone purchasing rather than remortgaging.... Does anyone know if this is true as its stressing us out?

Comments

  • amnblog
    amnblog Posts: 12,732 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Re-mortgage valuations can be more conservation but 20% seems a bit ambitious.


    You say you are at the top end for your estate.


    What have other properties sold for? Have you any evidence of any selling for £165,000?
    I am a Mortgage Broker

    You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • Thompson24
    Thompson24 Posts: 30 Forumite
    Hi sorry I'm new to all is what do you mean by conversion and 20% sorry x

    There is only two houses on our whole estate which are the same style as mine, however the still have e same 15 year old kitchen carpets etc, haven't got a big garden and no where near up to the speck of ours, however within the last 6 mths both have sold well under market value as one, the lady died and there family in Germany just wanted the money immediately, it was valued at £140,000 but they took an offer off £118,000 the other one was a guy who rented it out and it was trashed inside and sold for £120,000.

    We paid £130,000 for ours two years ago.

    All three agents who valued said its hard because there is nothing in our area similar to our house and definitely not put to the fixtures and fittings etc
  • getmore4less
    getmore4less Posts: 46,882 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    £15k kitchen on a £130k house?

    £18k conservatory on a £130k house.

    There are two improvements that will never get their money back.
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