Remortgaging when value has risen significantly

Capri84

Evening folks

Time to remortgage in a year or so, but since we bought the house we have done a lot of work, including new bigger kitchen/open plan living space, extra bathroom, new utility room - plenty more too

Zoopla has the estimate value already as quite a lot more than we paid for the property (not overly convinced - how accurate are Zoopla ‘estimates’?!) but even that is based on the ‘old’ property as when we bought it. 

We have relatively small equity based on purchase price - but we spent a lot of money (hopefully) adding value to the house. How do we go about utilising that when remortgaging and hopefully having a lower LTV figure? Does the current lender need to value the house and if so would that be treated like a new mortgage application rather than a renewal? 

Capri84

Think I should have said product transfer rather than remortgage in the OP

Emmia

What does your current lender put the value of your property at? How does this affect the LTV band and the rates you're offered?

If you're just doing another fix it will just be a new product rather than a remortgage, unless you go down the route of paying for a fresh valuation and going through the full mortgage palava. 

amnblog

The response to this question depends on your Lender