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Should I have valued higher?
77588p
Posts: 45 Forumite
I have a mortgage with Nationwide and have done some renovations to the property recently. I put the renovations on credit cards as we needed to make some quick changes. We were going to sell the house however have decided to stay.
I applied for additional borrowing today as I wanted to consolidate the credit cards onto the mortgage. I didnt realise the max LTV was 80% for debt consolidation. They told me they held a value of 365k for my property in the midlands. I went with that but it meant I couldnt borrow enough to clear everything.
The application was approved and we didnt need a valuation as it was done automatically.
With the changes we have made I personally feel the house is worth closer to 380k-390k. On reflection I wanted to ask the adviser to re-run the application on a higher valuation but was worried that should it trigger a manual valuation, then should they go back to the lower figure of £360k then it may STILL come back back with a manual valuation and not an automated figure.
I find the automated figure so helpful as we both work full time and dont have to take time off work. Also reduces the risk of a down valuation.
If I do ask for a re-key and a £390k valuation, and it triggers a manual valuation, does anyone know whether it will stay as a manual valuation? Or whether it goes back to automated should we reduce the valuation again.
Please no comments about debt consolidation as we know the risks.
Thanks all
I applied for additional borrowing today as I wanted to consolidate the credit cards onto the mortgage. I didnt realise the max LTV was 80% for debt consolidation. They told me they held a value of 365k for my property in the midlands. I went with that but it meant I couldnt borrow enough to clear everything.
The application was approved and we didnt need a valuation as it was done automatically.
With the changes we have made I personally feel the house is worth closer to 380k-390k. On reflection I wanted to ask the adviser to re-run the application on a higher valuation but was worried that should it trigger a manual valuation, then should they go back to the lower figure of £360k then it may STILL come back back with a manual valuation and not an automated figure.
I find the automated figure so helpful as we both work full time and dont have to take time off work. Also reduces the risk of a down valuation.
If I do ask for a re-key and a £390k valuation, and it triggers a manual valuation, does anyone know whether it will stay as a manual valuation? Or whether it goes back to automated should we reduce the valuation again.
Please no comments about debt consolidation as we know the risks.
Thanks all
0
Comments
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Might be a question for the lender - ie if I ask for a valuation and it comes back lower, will you still honour the computer figure?
The alternative would be to instruct your own surveyor.0 -
What "renovations" did you undertake to improve the property?0
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We have a small extention on the back to be used as an office0
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