Remortgage: LTV's - how to value & new job

Miles16v

Need to remortgage as expires in August.

Wanted to go with HSBC on their lifetime tracker at .79 + base rate. But as my other half started a new job 2 months ago and is in a probationary period they wont do it. I assume this will be the same for all lenders? Will they actually check?

So I reverted back to Nationwide who I'm with at the moment, who do 3 year tracker at .74 + base rate. However what I didn't realise is that you must have 75% LTV for that rate, else its 1.14 + base rate.

Basically how do they value your house for the basis of LTV, if I am remortgaging with the same company surely they wont send out a valuer? If I take a similar house on my estate that sold in Feb, then add £10k because we have a garage and they dont then I'd make my LTV target, but that would be a 15% increase in the value of my house in the last 2 years.

Is that likely?

herbiesjp

Firstly, not all lenders treat probationary period the same

As you have found out, some will not agree the mortgage for you whilst in probationary period, however some lenders are not as stringent.

Lenders will increase values in line with House Price Index up to a certain point - otherwise they may indeed need a valuation to be done on the property.


You can go to this link for NAtionwide to see what they would calculate your house value to be as a rough guideline:

http://www.nationwide.co.uk/hpi/calculator.asp

Miles16v

Thanks. Would I be able to put someone else's name temporarily on the mortgage in the place of my partner, whilst she completes her probation, eg my Dad? Would that mean that the deeds need to be changed, thus incuring legal fees?

That calculator gets me about half way there! We've also added a fair bit of value through making the garden into landscaped tiers, rather than a death trap gravel slope, but thats probably a bit too intangible for them.