Re-mortgaging AFTER Loft Conversion??

[MrsT&Ben]

Hello All

I'm after a bit of advice. We currently live in a 1 bed flat and will be converting the loft within the next couple of months. We have the cash ready for the building work but I am hoping to remortgage after the work has been carried out.
How does this work? We still have the mortgage of 130k we had when we first bought the flat in 2007 (When house prices were through the roof!). I know the flat has lost value but not by that much as of the area we live in.
Do I need an estate agent to come and value it? Can I remortgage myself or do I need to go through a broker?
I really hope we can get a new mortgage as we are stuck on the SVR and it is costing us a small fortune!!!!

Any advice greatly received!

 

[My_First]

For a remortgage you will need the new company to do a valuation. Ie you will have to apply for a new mortgage as if you were getting a mortgage again. There maybe some flexibility if its the same company, but the principal is the same.

 

[kanga]

Speak to your existing mortgage provider and tell them your plans. They should be able to switch your mortgage rate regardless of whether your remortgage or not. If you want to change lenders your new lender will probably charge you a valuation fee

If you want to take more money out of your property your lender will also probably make u have a valuation by one if their approved valuers at cost to you. An estate agent valuation won't serve any purpose, your lender will want the valuation done by a surveyor.

 

[hulahoop09]

I believe if your current lender havd fixed rates available you can switch to one of those. Our fixed rate ends this month and we were told to contact our current lender and they can see whats availabke and as long as no extra term or cash is requestef then no credit check is needed. xx

 

[MrsRH]

Hello All

I'm after a bit of advice. We currently live in a 1 bed flat and will be converting the loft within the next couple of months. We have the cash ready for the building work but I am hoping to remortgage after the work has been carried out.
How does this work? We still have the mortgage of 130k we had when we first bought the flat in 2007 (When house prices were through the roof!). I know the flat has lost value but not by that much as of the area we live in.
Do I need an estate agent to come and value it? Can I remortgage myself or do I need to go through a broker?
I really hope we can get a new mortgage as we are stuck on the SVR and it is costing us a small fortune!!!!

Any advice greatly received!

Do you mean re-mortgage or changing rate?
It's 2 different things

 

[hulahoop09]

Sorry mine was re changing rate. I assumed when.op mentioned not happy being.on svr that she meant getting a new rate

Xx

 

[MrsT&Ben]

Hello All

I'm after a bit of advice. We currently live in a 1 bed flat and will be converting the loft within the next couple of months. We have the cash ready for the building work but I am hoping to remortgage after the work has been carried out.
How does this work? We still have the mortgage of 130k we had when we first bought the flat in 2007 (When house prices were through the roof!). I know the flat has lost value but not by that much as of the area we live in.
Do I need an estate agent to come and value it? Can I remortgage myself or do I need to go through a broker?
I really hope we can get a new mortgage as we are stuck on the SVR and it is costing us a small fortune!!!!


Any advice greatly received!

Do you mean re-mortgage or changing rate?
It's 2 different things

See this is how clueless I am, I have only ever had 1 mortgage. The one I have at the moment. I didnt even know you could get a different rate with the current provider....
I have just checked with my current mortgage provider and they can't offer me a new rate - its NRAM (what was Northern Rock).

 

[My_First]

Hello All

I'm after a bit of advice. We currently live in a 1 bed flat and will be converting the loft within the next couple of months. We have the cash ready for the building work but I am hoping to remortgage after the work has been carried out.
How does this work? We still have the mortgage of 130k we had when we first bought the flat in 2007 (When house prices were through the roof!). I know the flat has lost value but not by that much as of the area we live in.
Do I need an estate agent to come and value it? Can I remortgage myself or do I need to go through a broker?
I really hope we can get a new mortgage as we are stuck on the SVR and it is costing us a small fortune!!!!


Any advice greatly received!

Do you mean re-mortgage or changing rate?
It's 2 different things

See this is how clueless I am, I have only ever had 1 mortgage. The one I have at the moment. I didnt even know you could get a different rate with the current provider....
I have just checked with my current mortgage provider and they can't offer me a new rate - its NRAM (what was Northern Rock).

Sadly NRAM won't change the rates for existing as they were part of the sub prime lenders (we have the same with our flat), so as long as you have equity you should be able to get a different mortgage. Sadly we can't as we bought at the top of the market with 100% mortgage, so we have to keep chucking money at it in order to get some equity ( thankfully we rent it now and were able to get a second mortgage on our new house), but I feel you pain. Do you have equity at the moment or are you hoping the conversion will give you that?

 

[MrsT&Ben]

Hello All

I'm after a bit of advice. We currently live in a 1 bed flat and will be converting the loft within the next couple of months. We have the cash ready for the building work but I am hoping to remortgage after the work has been carried out.
How does this work? We still have the mortgage of 130k we had when we first bought the flat in 2007 (When house prices were through the roof!). I know the flat has lost value but not by that much as of the area we live in.
Do I need an estate agent to come and value it? Can I remortgage myself or do I need to go through a broker?
I really hope we can get a new mortgage as we are stuck on the SVR and it is costing us a small fortune!!!!


Any advice greatly received!

Do you mean re-mortgage or changing rate?
It's 2 different things

See this is how clueless I am, I have only ever had 1 mortgage. The one I have at the moment. I didnt even know you could get a different rate with the current provider....
I have just checked with my current mortgage provider and they can't offer me a new rate - its NRAM (what was Northern Rock).

Sadly NRAM won't change the rates for existing as they were part of the sub prime lenders (we have the same with our flat), so as long as you have equity you should be able to get a different mortgage. Sadly we can't as we bought at the top of the market with 100% mortgage, so we have to keep chucking money at it in order to get some equity ( thankfully we rent it now and were able to get a second mortgage on our new house), but I feel you pain. Do you have equity at the moment or are you hoping the conversion will give you that?

We also have a 100% mortgage and bought at the top. So in negative equity. Hoping the conversion will add value. Just out of interest how are you renting it out? I think we could get a enough rental value on ours in order to cover the mortgage. Just don't know how to go about it! (Nice to know there are other people in the same boat!) we've been stuck in a 1 bed flat and I'm desperate to move.

 

[My_First]

Let me out Leo to bed and I will pm you.