Re-Mortgage / Valuation help

gregab

Hi,

My 2 year fixed rate is coming to an end and my mortgage on a falt I own and will go up about £110 a month (from £388 to £494) if I let it role over. I have around £76k left on my mortgage.

I could change product with the same lender but will have to pay £899 when the actual repayments will be the same near enough so am not considering this.

If I choose to go to another lender do they have to redo the valuation? What does all this typically cost along with the new mortgage? I may have a problem with this as I have just rented out my flat to someone.

Any advice as to what I should do? I am new to this as my 1st mortgage was a formality as it was based on my employment which has since changed.

Thanks

freerein

Have a look at www.moneysupermarket.com and get some ideas of prices for mortgages.

You said : " I could change product with the same lender but will have to pay £899 when the actual repayments will be the same near enough so am not considering this."

Most mortgage companies will charge this anyway, the important thing is the rate that you are getting.

If it works out that you pay £899 up front and end up paying £388/month fixed for 2 years that might be better than paying nothing up front and paying £428/month

Wutang_2

freerein wrote: »

Have a look at www.moneysupermarket.com and get some ideas of prices for mortgages.

You said : " I could change product with the same lender but will have to pay £899 when the actual repayments will be the same near enough so am not considering this."

Most mortgage companies will charge this anyway, the important thing is the rate that you are getting.

If it works out that you pay £899 up front and end up paying £388/month fixed for 2 years that might be better than paying nothing up front and paying £428/month

not the greatest advice...moneysupermarket is rubbish. Speak to an adviser and let them look at the products for you...all that lead-generating-out-of-date excuse for a site will do is feed you lots and lots of misleading rates.

xs11ax

re-mortgaging is like a sword fight.............
you must think first before you make your move!

gregab

Thanks.

What about the valuation side of things? As i'm remortgaging do all new lenders want to come and do a valuation? I assume they do. This could proove to be problematic as i'm not living there now and have rented it out.