Remortgage with additional borrowing

startingout2016

I bought a house 2 years ago which was a total wreck and renovated it top to bottom.

It was on a 2 year fixed mortgage deal which is coming to an end.

I had an estate agent round to value it initially.

We would like to do some additional work to the exterior of the property so would like to borrow an extra £10k.

Our remortgage process with our existing lender Nationwide has gone through without any problem using the revised increased valuation which brings us down to a 75% LTV (including the additional £10k borrowing)

However, the additional borrowing application is being done seperatly and they are arranging for a surveyor to come and value the house next week to confirm the increased value.

It all seems strange if the mortgage valuation has been agreed for the main morgage value anyway (£275). Is this something I should be concerned about?

Alexland

Lenders apply a bit more scrutiny to additional borrowing requests and wouldn't pay much notice to an Estate Agent valuation. Hopefully it will be ok.

Corrie85

It's likely Nationwide will have done an automated valuation for the rate change on the main main loan. Meaning that, to save money they will have used publicly available data to extrapolate how much your property has increased in value in the last two years. Just a cost cutting exercise.

For the additional borrowing they needed to do an actual valuation to check that the property is still good security.

Nothing to worry about!