RE-Mortagaging - did not expect to have to pay a full valuation fee!

[RiaParkinson]

We are getting a 'further advance' to do some building work
Was going to get i as a loan but lots of silly difficulties attached although the loan was just as 'cheap'

SO decided to maybe look at adding some more onto our mortgage - all going swimmingly until they want to value the property

two probs with this

1. Valuation in current market COULD be rubbish

1. Valuation COSTS £750+

Is this normal procedure

nb they loaned me the total amount i am now looking to borrow 2 years ago when we bought the house...but have paid off a bit so this puts me back to where i was ...

Thanks

(regular semi - permanent name change)

They didn't with us when we remortgaged with HSBC from natwest.Dh hunted for best deal.
Maybe check out moneysavingexpert site?

don't know, will bump for you

depends on the mortgage provider and the level of valuation

We had to pay for a new valuation when we remortgaged prior to having our loft conversion done.

We did it in better times when the valuer's decision was good news.

They will generally do a valuation on a further advance if it takes the loan above a set loan to value. The lender I used to work for would do valuations if the LTV was above 80%. The cost of the valuation depended on the actual value of the property.

thanks all

Scienceteacher - yes - might not mind if news is good but i doubt it - we have spent a lot on it in 18 months but i still think it will be significantly below what we paid at top of market

moondog i have to stick to my lender - no one will lend to us

No, didn't have one with Northern Rock a few years ago.... Some banks will add the charges to the full term of the mortgage . In other words, you wouldn't have to pay up front, but it gets added to your mortgage. Bad idea.

hmmm i am not impressed

sounds pretty normal practice to me..

hope all goes well

oh dear!

Thanks daftpunk