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Will mortgage lenders take state of decorating into account?
jimfromcov
Posts: 18 Forumite
I'm currently renovating my home - new kitchen, new bathroom, entirely redecorated, etc. but want to get myself remortgaged to try and get in before BOE base rates rise further.
While the majority of the "dirty work" is complete (I've moved a couple of walls and fitted french doors, and replaced the kitchen floor which had issues with damp), I'm getting worried that I'm not going to get the decorating or kitchen fit out done in time.
Will the bank / building society take this into account, or will it be a more high level valuation based on average property values and potential?
The thing that worries me is I can see the property being valued very closely to a 75% LTV and I want to try and make sure I'm below that threshold.
While the majority of the "dirty work" is complete (I've moved a couple of walls and fitted french doors, and replaced the kitchen floor which had issues with damp), I'm getting worried that I'm not going to get the decorating or kitchen fit out done in time.
Will the bank / building society take this into account, or will it be a more high level valuation based on average property values and potential?
The thing that worries me is I can see the property being valued very closely to a 75% LTV and I want to try and make sure I'm below that threshold.
0
Comments
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If it's a desktop or drive-by valuation, probably not.
If an internal inspection is required, the condition is going to figure in the surveyor's opinion.
Typically, you would be advised not to attempt this until after what work you are doing is completed.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, 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. Please do not send PMs asking for one-to-one-advice, or representation.0 -
Not sure what you mean by kitchen fit out, but not having a kitchen will be a big issue for lenders.0
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