UKH

Hi, our current mortgage deal ends in August.  For various reasons, I'd like to swap to a new mortgage provider, and expecting for this to mean a valuation visit.  Almost inevitably various improvements which I had hoped would be finished aren't, and as we're tight on LTV I'm wondering how this will impact on the assessed value.

Ongoing work isn't massive, half finished decoration rather than complete building site, but it's significant enough that it won't go unnoticed.

Any experience on this?  Wondering whether I need to bust a gut getting it finished or delay valuation and risk going onto a variable rate for a bit.

When we got our no one bothered to visit, remember there' money simply in the land it sits on, if you're not borrowing loads compared to the value, they can't be arsed AFAIK.

A basic rule of thumb that I heard is fully functioning kitchen and bathroom in order to borrow? How you classify that is probably open to interpretation, but if those are on your DIY list maybe get them crossed off first? 

I very much doubt they will visit if it's just a valuation survey. Usually they just type the address into a computer and it tells them the value of the house. I've not had anyone visit the property on the last 3 or 4 times I've changed providers. 

When we remortgaged I told them the “value” (which was about 10-15% more than 2 years earlier) and they just gave me the mortgage no questions asked, no visit. Not even a phone call.
 

Tbf I think I could’ve pushed harder but wasn’t close to an LTV bracket. 

Best course of action: Ask for a new mortgage, if they ask to send someone round, demur and state that you have changed your mind and decided to stick with your current one for a while longer.

That way you don't risk being refused a mortgage but you still give yourself the chance of getting one hassle free (which seems entirely likely based on other people's experiences).

With the current level of interest rates, it is a fantastic time to lock in a low fixed rate for the next X years.

Thanks for responses. Arranging mortgage through a broker and they think that because we have an unusual house that an in-person valuation will be required. Fingers crossed they're wrong, but I need to plan for a visit.

The work in progress is things like missing skirting boards, bathroom worktops (with temporary boards in place so it's fully functional), linings in doorways. All stuff that's time consuming to complete but doesn't affect ability to live in the house. 

They're unlikely to care and if they do they will reasonably value allowing for the works still needing completion. They're not going to imagine what it will be worth once you're done.

Decor is pretty insignificant in an overall valuation.

You could always contact an Estate agent and tell them you need to sell in current condition and see what they value at.