Should I Get My House Revalued Before Remortgaging

When the time comes to remortgage, many homeowners wonder whether it is worth having their property revalued. In the UK, remortgaging is an opportunity to move onto a better deal, reduce monthly payments, or release equity for home improvements or other expenses. The valuation of your house plays an important role in this process, as it directly affects the loan-to-value ratio (LTV), which lenders use to determine the mortgage products you qualify for. A new valuation can therefore make a significant difference to the options available, but whether it is worthwhile depends on your circumstances.

Why Valuation Matters in Remortgaging

The value of your house is central to how much you can borrow and what interest rate you are offered. Mortgage lenders divide the loan amount by the property’s current value to work out the LTV. The lower your LTV, the more favourable the rates tend to be. For example, someone with a mortgage of £150,000 on a house valued at £200,000 has a 75 per cent LTV. If the property is later valued at £250,000 with the mortgage balance reduced to £140,000, the LTV drops to 56 per cent, potentially unlocking access to cheaper rates. This shows why an up-to-date valuation can be useful when remortgaging.

Market Conditions and Property Improvements

If house prices in your area have risen since you first took out your mortgage, a revaluation could put you in a lower LTV bracket, giving you access to better deals. Similarly, if you have made significant improvements to your property, such as an extension, new kitchen, or loft conversion, the value may have increased enough to influence the lender’s assessment. Without a new valuation, your lender may rely on outdated information that does not reflect the property’s current worth, potentially limiting your choices.

How Valuations Are Carried Out

When you apply to remortgage, the lender will usually arrange their own valuation. This may be a physical inspection by a surveyor or a desktop valuation using recent sales data from the Land Registry and other sources. In most cases, you do not need to commission a separate valuation yourself, as the lender’s assessment is what ultimately matters. However, getting an independent valuation before applying can give you an idea of where you stand and whether it is worth pursuing certain deals.

Costs and Practical Considerations

An independent valuation from a chartered surveyor will typically cost a few hundred pounds, so it is important to weigh this against the potential savings from securing a better mortgage rate. For many homeowners, the lender’s free valuation as part of the remortgage application is sufficient. However, if you believe your property has increased significantly in value, commissioning your own valuation beforehand can give you confidence when negotiating with lenders or deciding which products to apply for.

Summary

Getting your house revalued before remortgaging can be worthwhile if property prices in your area have risen or if you have carried out substantial improvements. A higher valuation could reduce your loan-to-value ratio and open up access to cheaper mortgage rates. In most cases, the lender will arrange their own valuation as part of the process, so a private valuation is optional rather than essential. Whether or not you arrange one yourself depends on how confident you are about the current value of your home and how much you could save with a better deal.