just had my house re-valued...
 

it (2 bed terrace) was bought 3 years ago for £31k in clayton - and now worth £72k:) , only had cosmetic work done to it which isnt bad for 3 years - no plans at all on moving....worth a re-mortgage or not ??

Re: just had my house re-valued...
 

One of the good things about motorway access is that any housing that is near and has basic facilities ie PO pub shops schools etc are going to rise. To double the price in 3 years is good. My sisters nearly doubled in the same time frame and she is in Clayton as well.

Re: just had my house re-valued...
 

The problem is that all the other houses you could have bought for 31K back then are also now worth 72K so you aren't any better off. The only people who make anything out of rising house prices are estate agents(their 1% fee goes up) the cancellor who makes his stamp duty and the banks who can charge you more interest.

As for remortage, If you want to pay the interest on 72K as opposed to 31K then thats up to you. :)

Re: just had my house re-valued...
 

I wouldn't recommend cashing in on the equity of your house unless you were moving to somewhere cheaper, or stopping where you are forever. As Entwisi said, all the other houses will have risen by a similar percentage.


More through luck than financial sense, I've moved three times since I bought my first flat in London in the early ninties, and am now in the happy position of not having a mortgage.;)

Re: just had my house re-valued...
 

Re: just had my house re-valued...
 

our next door neighbour was sellin his shop due to retirement and initially we were like its too expensive - finally thinkin it thru we bought it in the region of 35/40K

literally 6 months later that was doubled so we were very fortunate indeed