Updating post from Reddit.
Hi guys,
I’m currently remortgage a residential mortgage to a BTL mortgage, affordability all seems fine, however I’m wondering if anyone has had any insite with NatWest valuation process, I was wondering if someone actually comes out and views the property, and if so what do they look for. For reference I’ve had the floors redone, the bathroom re fitted and it’s well maintained and tidy, the house could do with a new kitchen however im just curious if this is the sort of thing that is make or break with a lender. Cheers!
I did a remortgage btl recently and they just valued the house from the street index pricing .
Not sure on NatWest but I've had surveyors come and do in person valuations before (5 bed HMO)
We renovated the property after purchase and before remortgaging - raised the valuation accordingly and surveyor accepted it. Assuming it's not a 7 bed HMO or similar they're likely to do a valuation based on other similar properties selling as opposed to a commercial valuation based on rent
No insight into Natwest but can I ask why Natwest and not a BTL specialist? IF not before you commit can you try going to a broker like 3-MC, theyfbut you should get the best deal and you can expense the cost.
Have you looked at the long term benefits of remortgaging to a BLT LTD so that you can claim 100% of the mortgage interest?
Property valuers do not concern themselves with decorations at all. If you wish to delve deeper, Google "RICS Red Book Valuation."
They will come to visit the property to ensure that it is habitable and generally in good condition. Apart from that, it mainly depends on local comparable properties that have sold.
As such a valuer may come out and visit, if it is low loan-to-value they may choose to do a desktop valuation.
I presume this is a Low EPC (green property) as that is only way NatWest are competitive on BTL mortgages at the moment.