Remortgage valuation and no kitchen sink

d0nkeyk0ng

Currently in midst of renovation. The kitchen extension shell is completed (flooring, plaster, painted). Units are in. We are without sink or gas hob. Just waiting for quartz worktops to be installed so gas hob and sink can be fitted. Oven and microwave have been installed. Upstairs bathroom and toilet renovated. 

Also fixed rate has come to an end. We did a mortgage interview with Natwest who said it should be straightforward but wanted a valuation given the change since mortgage originally taken out. 

The mortgage advisor said we should have at least a functional sink. Provided the worktop arrives this week, we can get the sink and taps connected. 

What do we do if the worktop is delayed?
Is it worth bodging a worktop using laminate until the final unit is in?
Do we cancel/delay the remortgage until kitchen is actually finished?

ACG

Its tricky because on paper it needs a functioning kitchen and bathroom. 
In practice you can see a kitchen is just being fit and a day/2 days later it would be fine. 

A lot depends on the surveyor you get. If you can bodge a sink in place that should do it, but if you get a miserable ..... on the day, you could find you get a nil valuation. I would delay the valuation for a couple of days personally.  

MWT

No point in risking a nil valuation, just delay until you do have a sink in place.

Thrugelmir

Why do you wish to remortgage and simply not select another product offered by your existing lender? 

d0nkeyk0ng

Thrugelmir said:

Why do you wish to remortgage and simply not select another product offered by your existing lender? 

1. Original mortgage fixed rate has come to an end. We borrowed an additional amount for the extension and also ended up taking a loan out to cover shortfall so need debt consolidation. 

2. Value of house has gone up even without the renovations. Locally house prices are 50% than when we bought it and approx 10% more since our additional borrowing. 

3. Natwest had a better rate than Nationwide. 

d0nkeyk0ng

ACG said:

I would delay the valuation for a couple of days personally.  

Thanks. I think the concern was we would have to fall back to variable rate but we also don’t know when the kitchen will be finished. The worktop is supposed to arrive this week but there’s equally a chance it could be delayed. The kitchen fitters tell me the remaining work is less than one day’s worth so the bottleneck is the worktop. 

Additionally whilst we borrowed more for the extension, there was a shortfall towards the end so I took out a small loan. If the remortgage is completed as planned, there’s no ERC on the loan. 

ACG

Im not sure what to suggest. You either risk using up your free val and having to pay for a second or going on the SVR. 

junglist_matty

If you're really that worried, just go and buy a 2.4x1.2m sheet of 12mm ply --- rip it down the centre and you have 2x 2400x600mm temporary worktops for about £30.... Cut a hole for the sink, lay it on your cabinets, test fit the sink and bobs your uncle (you could even sticky vinyl it for a more authentic look for the valuation )

theoretica

How much will a month on SVR cost you? Compared to cost for rigging a temporary sink?