Remortgage question
bmthmark
Posts: 297 Forumite
Hi
My mortgage is up for renewal very soon, so i'm after a bit of advice.
We have done a lot of work on the property and have converted the loft to have extra an bedroom and en-suite. I have certificates to state that the extra room complies with building regs etc.
Our initial mortgage valuation was based on a 2 bed and was fairly low as the property was in a bit of a state.
The property is now looking good and worth more money.
My current mortgage is with Lloyds. When I come to get mortgage quotes do I simply tell them that its now a 3 bed and its now worth x amount based on similar properties down the road?
Will they have to send someone out to revalue it?
Thanks :beer:
Mark
My mortgage is up for renewal very soon, so i'm after a bit of advice.
We have done a lot of work on the property and have converted the loft to have extra an bedroom and en-suite. I have certificates to state that the extra room complies with building regs etc.
Our initial mortgage valuation was based on a 2 bed and was fairly low as the property was in a bit of a state.
The property is now looking good and worth more money.
My current mortgage is with Lloyds. When I come to get mortgage quotes do I simply tell them that its now a 3 bed and its now worth x amount based on similar properties down the road?
Will they have to send someone out to revalue it?
Thanks :beer:
Mark
0
Comments
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If you are doing a customer retention product from your existing lender, they will normally use an indexed valuation which won't know about your improvements.
You may have to pay for an internal inspection if you want the value updated.
If you remortgage to a new lender, there will usually be an in internal inspection as a part of the process.I am a mortgage broker. 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.0 -
kingstreet wrote: »If you are doing a customer retention product from your existing lender, they will normally use an indexed valuation which won't know about your improvements.
You may have to pay for an internal inspection if you want the value updated.
If you remortgage to a new lender, there will usually be an in internal inspection as a part of the process.
Thanks - I'm hoping they will just agree with my new valuation. But if not I will be prepared to pay for the inspection. Do you know how much this would cost?
I may just go with a new lender as I have seen some good rates.0 -
Halifax used to charge £130 a few years ago.
Wouldn't know if that applies now and to all members of LBG.I am a mortgage broker. 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.0
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