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My mortgage is driving me mad.....Please HELP!!!
Saint_Kenneth
Posts: 1 Newbie
I'm currently with the ONE Account and after poor service with them I am after a change.
This might seem long winded but please persevere..........
I bought a house in Stoke that needed a lot of work done on the property. We bought it for £93,000 which was good as the surveyors the ONE Account used valued it at £107,000. Well the property hadn't been touched for twenty years and needed new kitchen, bathroom, central heating installed, roofing repairs, damp repairs, complete redecoration etc. etc.
Well after ploughing £25,000 into the property we got the ONE account to revalue it to give uas a better interest rate. Surprisingly, instead of the £125,000 - £130,000 that three estate agents have valued it at, they have come in at £115,000 only an £8,000 improvement after all the work we've done, even though the same company valued it at £107,000 when it was nearly inhabitable.
By valuing the proprty at a much lower rate than what we believe it is, my interest rate has dropped by only 0.1% to 5.9%.
The reason we were advised to go with the ONE account was that we already had a property in Bedfordshire (valued at £130,000 with £61,000 outstanding on its Woolwich mortgage) and that it could be joined with the new house in Stoke to make one large mortgage.
My question is (at last I hear you say!)..... Are there other companies that will allow two properties to be combined together onto one mortgage, or indeed is it cheaper to keep them seperate anyway??
Please take the time to help if you can, we are stretched to the very limit and any advice to help would be so appreciated.
This might seem long winded but please persevere..........
I bought a house in Stoke that needed a lot of work done on the property. We bought it for £93,000 which was good as the surveyors the ONE Account used valued it at £107,000. Well the property hadn't been touched for twenty years and needed new kitchen, bathroom, central heating installed, roofing repairs, damp repairs, complete redecoration etc. etc.
Well after ploughing £25,000 into the property we got the ONE account to revalue it to give uas a better interest rate. Surprisingly, instead of the £125,000 - £130,000 that three estate agents have valued it at, they have come in at £115,000 only an £8,000 improvement after all the work we've done, even though the same company valued it at £107,000 when it was nearly inhabitable.
By valuing the proprty at a much lower rate than what we believe it is, my interest rate has dropped by only 0.1% to 5.9%.
The reason we were advised to go with the ONE account was that we already had a property in Bedfordshire (valued at £130,000 with £61,000 outstanding on its Woolwich mortgage) and that it could be joined with the new house in Stoke to make one large mortgage.
My question is (at last I hear you say!)..... Are there other companies that will allow two properties to be combined together onto one mortgage, or indeed is it cheaper to keep them seperate anyway??
Please take the time to help if you can, we are stretched to the very limit and any advice to help would be so appreciated.
0
Comments
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Kenneth,
Sorry don't know of anyone who will take 2 properties into account. Don't worry too much about the valuation for your property in Stoke, it is just an opinion. If I was you, I would get a local Estate Agent to value it for sale.
Products such as the One Account tend not to have redemption charges, so if money is an issue, remortgage to something else (actually not sure why the valuation made any difference at all!) which is cheaper and suits you better0
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