Mortgage question

bmthmark

Hi

I purchased my property 2 years ago for approx £240k. It was a 2 bed property and need lots of work and I spent £50k on it and it now a large 3 bed room property.

Similar properties down the same road have recently sold for £330k

When I got the mortgage (approx £215k) 2 years ago, the deposit was fairly low (approx £25k) so I don't think we got the best interest rates.

The 2 year fixed rate is finishing soon. Am I correct in thinking that because the property is worth more (subject to a valuation) and I owe slightly less, I could get a better interest rate?

Do I simply contact the lender and say we have done a lot of work and we believe the property is worth x amount?

Thank you

Carrot007

Yes. But why stay with the lender when you could get a better rate elsewhere.

Given you are wanting a change in valuation it will be a full application so go to a broker and find the best you can.

bmthmark

Thank you. I never really thought about changing lender, I naively thought it was best to just stay with the same lender.

I will look in to this in more depth

kingstreet

Ask your current lender about customer retention products and consider a remortgage to a new lender as well.

The two are not mutually exclusive.