mortgage valuation question

eaglesrjh

Hi all, my fixed rate ends soon and i'm looking to move to a new deal at another company as i'm currently with northern rock. However I want to do things slightly differently. I think it is normal to go to a mortgage company with an idea of how much money you want, they then do a valuation and that makes your ltv. However I want to go to 90% ltv of whatever the valuation is, is there anyway of doing that? I know I could get my own valuation done but mortgage companies normally insist on their own one dont they? and I dont want to pay twice and what if the mortgage companies valuation is different to mine? Any ideas?

depurnell

Hi,

What you can do is apply for the mortgage @ 90% assuming a fair price of your property and if the lender down values the property then all you will need to do is reduce the extra amount you want to borrow.

For example,

Property Value £150,000 and mortgage applied for £135,000

Property valued @ £140,000 maximum loan would be reduced to £126,000.

When looking for the best lender you need to not only take into consideration the interest rate but all of the fees associated with the mortgage.

I recommend that you speak to a Whole of Market Mortgage Adviser who can look at the options available to you.

At present the best rate @ 90% LTV would be around 6.08%.

Kind regards,

Damian Purnell
Mortgage & Protection Consultant

eaglesrjh

cheers for that. what are the current thoughts on fixed/discount/tracker mortgages? with inflation on the rise and only like to rise further for the foreseeable future what is the thinking of where interst rates will go?

tinkerbell84

Do a search - people ask that about 100 times a day!

depurnell - I think you're meant to put a signature on if you're a mortgage adviser - there's a sticky somewhere about it. i think your post might be breaking the rules.