LTV question

neilwchad

hi, it’s been a while so hopefully I’m in the right section.
I am coming to the end of a two year fix. Since then some work done has been done on the property 18 months ago. Mainly the loft which is now a unofficial room, storage, bed, central heating so I can be used as a guest room etc. 

So the question is would it be worth getting the lender to revalue the house? They have shown it to be worth more 15k than the purchase price 4 years ago but this is not taking in to account the loft for example. I know this isn’t an actual valuation just a rough estimate etc.

I’m not after selling or anything but would a valuation help with securing a better production retention deal? At the moment it is less than 60 per cent LTV
Thanks

K_S

@neilwchad Which lender is this? If you're already less than 60% LTV, there's unlikely to be a lot of gain to unlock through a higher valuation. For example, if you;re with Nationwide, whether you're on 59% LTV or 49% LTV, the retention products and rates are the same.

Even if you are staying with the same lender, you *may* be able to pay for a full valuation but you'll have to weigh the cost against the potential savings, I doubt it will be worth it.

neilwchad

K_S said:

@neilwchad Which lender is this? If you're already less than 60% LTV, there's unlikely to be a lot of gain to unlock through a higher valuation. For example, if you;re with Nationwide, whether you're on 59% LTV or 49% LTV, the retention products and rates are the same.

Even if you are staying with the same lender, you *may* be able to pay for a full valuation but you'll have to weigh the cost against the potential savings, I doubt it will be worth it.

Thanks that’s what I thought. NatWest by the way. 

K_S

neilwchad said:

K_S said:

@neilwchad Which lender is this? If you're already less than 60% LTV, there's unlikely to be a lot of gain to unlock through a higher valuation. For example, if you;re with Nationwide, whether you're on 59% LTV or 49% LTV, the retention products and rates are the same.

Even if you are staying with the same lender, you *may* be able to pay for a full valuation but you'll have to weigh the cost against the potential savings, I doubt it will be worth it.

Thanks that’s what I thought. NatWest by the way. 

@neilwchad Natwest are the same. Unless they offer something different direct, their product transfer rates bottom out at 60% LTV.