House valuation - how does it work?

Youthgonewild

Hi all,

I'm hoping to have my house revalued next year when my current fixed rate ends. I believe it has gone up in value owing to works done on it etc.

How does one get a valuation? Are they free? Do I need to get different estate agents to look at the house? I'm not looking to sell, but potentially borrow more money for home improvements?

If I take up a new mortgage with my current provider fo they have to value the house or can they use an estate agents estimate? Same goes for if I renew my mortgage to a new lender, do I have to use their valuations or can I get an average value by using estate agents etc?

Not sure how to go about this. Also, I believe I will have 3 months before my fixed rate ends, whereby I can switch my mortgage without ERCs. Is this when I would ask for a valuation?

I am clueless on this, go easy....  

Youthgonewild

Argh, so many typos.

K_S

@Youthgonewild

Staying with your current lender - they will use an indexed automated valuation. If you think that number is too low, some lenders will allow you to pay for a "proper" valuation.

Changing lenders - the new lender will do their own valuation. Whether this will cost you anything or not will depend on the lender and specific product that you apply for.

In either case, the EA valuation is for your own use only, the lender will not consider it.

Youthgonewild

Thank you K_S, that's helpful.