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House valuation - how does it work?

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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....  
Mortgage balance October 2015: £99875 Mortgage balance June 2023: £69999.40

Comments

  • Argh, so many typos.
    Mortgage balance October 2015: £99875 Mortgage balance June 2023: £69999.40
  • K_S
    K_S Posts: 6,877 Forumite
    1,000 Posts Fourth Anniversary Photogenic Name Dropper
    edited 16 June 2021 at 10:22AM
    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.

    I am a Mortgage Adviser - 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.

  • Thank you K_S, that's helpful. 
    Mortgage balance October 2015: £99875 Mortgage balance June 2023: £69999.40
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