Re-value house to get more equity out of it?

[barrydidit]

As eek says, mortgage company valuers don't give a tuppeny **** if you've spent 20K on farrell and ball paint. Extensions etc are a different matter but if it's still a 4 bed semi like it was when you started out then there's not much room for movement.

Furthermore, as at 26th April, the new mortgage market review regulations kick in meaning it's going to be even harder to take equity to spend on other things.

[Martin@AS Financial]

coming up to re-mortgage time for house that I bought nearly 2 years ago. Is it worth me getting a new valuation for it so I can a) extract some equity and b) so I can improve my LTV?

We have spent over 20k in renovations + house will have increased a little.

Anybody done this recently?

If you do decide to remortgage to a new bank, they will carry out a survey to ensure your home is suitable security to lend on. This is often paid for by your new lender and will include a valuation.

If you decide to stay with your current bank they may do a desktop valuation which tends to be very conservative. As they have no way of knowing about the rennovations you have carried out, this may result in a higher rate being offered. I would therefore ask your bank to do an internal inspection and not rely on their house price index or carry out a drive by.

[Pogle]

I am just fascinated that some folk on here seem to be unable to go through a week without posting reams of dull stuff about the minutiae of their life

[eek]

I am just fascinated that some folk on here seem to be unable to go through a week without posting reams of dull stuff about the minutiae of their life

I find it more worrying that I'm so bored I reply to the questions.....

[Pondlife]

I am just fascinated that some folk on here seem to be unable to go through a week without posting reams of dull stuff about the minutiae of their life

<cough>Guinea pig with antlers still on</cough>

[Pogle]

<cough>Guinea pig with antlers still on</cough>

yeah yeah I KNOW.......

[eek]

<cough>Guinea pig with antlers still on</cough>

and a red nose. So if this was a comic relief year Pogle would be fine.

Unfortunately this is a Sports Relief year....

[Pogle]

and a red nose. So if this was a comic relief year Pogle would be fine.

Unfortunately this is a Sports Relief year....

....so I'm just unfit and embarrassed.

[Pondlife]

....so I'm just unfit and embarrassed.

http://i.telegraph.co.uk/multimedia/...-L_786613i.jpg

[SueEllen]

If you decide to stay with your current bank they may do a desktop valuation which tends to be very conservative. As they have no way of knowing about the rennovations you have carried out, this may result in a higher rate being offered. I would therefore ask your bank to do an internal inspection and not rely on their house price index or carry out a drive by.

+1

If you brought a "doer upper" and some major work needed to be done, if you push them they will come out and check it was done to an adequate standard. Then they will raise the value to those around you regardless of how much you spent on it.