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When I remortgaged recently the 'electronic index value' seemed higher than the probable market value to me. If I wanted to remortgage and borrow further do you think my lender would use the electronic index value?
deleted-
Yes, if there is a higher than expected index value, the lender will normally use this.
If they ask you on an application what your estimated property value is, use their electronic index value.
The lender won’t want to bother shelling out money on a physical valuation.I’ve been doing remortgages for some folk, lenders have been fairly generous with their valuation figures on the whole. (Less so on buy to let valuations though)
Acliff
Staying with the same lender is usually very straightforward if you don’t borrow money.
If you borrow money it’s not a ‘remortgage’ as such, it’s further borrowing, and depending on your lender it may be at a different rate.
Your existing lender will typically use an electronic index value rather than sending a physical valuer (unless you pay for this) so might give you a lower value than expected.
Remortgaging with a new lender tends to have better results with value and rates offered.
Both will be subject to affordability assessment to make sure you can afford the increased borrowing amount, conveyancing should be pretty straightforward and normally offered by the lender for free.