Remortgaging / equity increase?

Boracic_n_Lint

Hi all, I'm new to this forum so please do bear with me!

We are due to remortgage in July and my house price after renovation has potentially appreciated by about £175k.

When I remortgage will the lender instruct a new survey and will the new value of the house be taken into account thus decreasing the LTV?

Also money has been a little tight of late which has resulted in a couple of minor late payments. Will this affect the chances of being able to remortgage?

Many thanks,

BnL

glosoli

You may have the option of either using the existing valuation on file, doing an indexed valuation, or a full survey, depending on the bank you are with, you should phone up and ask what they do and what the costs are likely to be.

In regards to late payments, generally if you are using the lenders website to select a new deal then a credit check is not carried out, however you may not have the option to use this service if there has been missed payments on the mortgage account and they require a full application to be carried out.

kingstreet

Are you remortgaging or going back to your existing lender for a customer retention product?

Boracic_n_Lint

glosoli wrote: »

You may have the option of either using the existing valuation on file, doing an indexed valuation, or a full survey, depending on the bank you are with, you should phone up and ask what they do and what the costs are likely to be.

In regards to late payments, generally if you are using the lenders website to select a new deal then a credit check is not carried out, however you may not have the option to use this service if there has been missed payments on the mortgage account and they require a full application to be carried out.

Thanks. Will give them a call tomorrow. Atthe moment all options are bring considered.

kingstreet wrote: »

Are you remortgaging or going back to your existing lender for a customer retention product?

I'm considering all options but will call my lender tomorrow