Remortage advice please

Marie96

Hi

I would be really grateful for some advice please.

We are coming to the end of our C&G fixed rate mortgage at the end of October.

As I was concerned about remortgaging (and our first baby was due) I managed to secure a Woolwich 5 year fixed rate mortgage through our broker in April at 5.69 with an £1,000 fee at 80 LTV.

The valuation for the property was done mid April but unbeknown to me at the time was only valid for six months although the product offer is valid until the end of November. We have been advised by our broker that a new valuation cannot be done until the current valuation expires - two weeks before our current mortgage deal ends.

I'm concerned that as we were fairly close to the LTV in April, the valuation will now have decreased and we will no longer meet the necessary LTV.

The options that I see are therefore :-

• To risk meeting the LTV or having a significantly small differential that we can meet this through savings
• To remortgage before the valuation expires and to pay the redemption fee on our current mortgage approx £1,300
• To look for another product on the market but I'm aware that the product we have is very good.

I'm very much going towards just paying the redemption fee but I would really value other peoples' opinions just in case I have missed something obvious!

Thank you very much and I apologise if it does seem to obvious a question.

herbiesjp

Can you not ask Woolwich to extend the current mortgage offer letter?
Has your broker asked them for this already?

Don't understand this bit:

We have been advised by our broker that a new valuation cannot be done until the current valuation expires - two weeks before our current mortgage deal ends.

Why do you need a new valuation?

Marie96

Hi

Thank you very much for responding.

The mortgage product offer is fine as it doesn't expire until Nov

We've been advised by the broker that as the electronic valuation by the Woolwich was done mid April it will only be valid for a completion by Mid October (6 months). If we don't complete until the end of Oct when our current fixed rate expires they will require a new valuation and my concern is that the valuation may decrease and we will no longer meet the required LTV. I have asked if the valuation period could be extended but the broker has advised that wouldn't be possible.

I hope this makes more sense.