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Property/DIY

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Valuing house in the middle of ongoing building work

1 reply

lyndseyd89 · 20/02/2020 09:35

Hi, I need some advice, we're in the middle of doing a huge extension to our existing house, our 2 yr fixed rate on the mortgage is coming to an end in one month, our existing lender is offering a high interest fixed rate deal. We've got an appointment with a bank this week to discuss moving our mortgage to them as they have a great fixed rate deal where we would save over £1.2k in interest in 24 months. However, it would involve the new lender valuing our house, in its current building site state. The shell is built on the extension, windows and doors going in next week, we haven't broke through. The state on the current house is only half complete due to waiting the knock through to the extension. How will this affect the house valuation? Will they consider the extension if its not knocked through yet? Will they see the building site and de-value the property? Will this increase our LTV causing us not to get the right interest rate? Help!

OP posts:
lpchill · 20/02/2020 09:38

Depends on the bank really. Some have a tools that already has a rough valuation that they base the LTV on then when it goes ahead the valuer will do a drive by to confirm. They may also not class it as part of the property until finished so you will have a lower value until it's finished

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