Should I have valued higher?

77588p

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

fergie_

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.

Hoenir

What "renovations" did you undertake to improve the property? 

77588p

We have a small extention on the back to be used as an office