Fixed Term Nearly Up - What Should I be Doing Now?

Greenr

Hi all

My 2 year fixed deal comes to an end at the begining of June. Can anyone tell me what I should be doing now i.e. should I be looking round for new deals or is it too early?

The problem is that I'm not really sure how much my property is worth at the moment. We're first time buyers and bought our flat two years ago for 67k with a 97% mortgage (interest rate is currently 6.01%) but completely renovated it. We had it valued the same year as buying and were told that it was worth between 80 and 85k.

I'm currently with Halifax and are tempted to go onto their SVR once our fixed term ends but I need to find out what our LTV is. Ideally, we'd like to fix on a low rate for ten years even though we plan to move house in the next few years - is this wise? Should Halifax be able to offer me new deals now?

Any advice appreciated!!

payless

Halifax ( or a broker with assess/ your authority) will tell you what they think its worth... you may have an issue if you have spent money on it as their sytems may not account for this .

Think they reserve " swappers" rates within 3 months ( you can ask about revaluation)

A new lender would normally do a new valuation

Greenr

payless wrote: »

Halifax ( or a broker with assess/ your authority) will tell you what they think its worth... you may have an issue if you have spent money on it as their sytems may not account for this .

Think they reserve " swappers" rates within 3 months ( you can ask about revaluation)

A new lender would normally do a new valuation

Should I arrange for a valuation to take place with a local estate agent and send the written valuation to Halifax or wouldn't this be taken into account?

If I fixed for ten years with a portable mortgage, what would happen when I moved house?

payless

If Halifax are willing to amend their systems then they will want to instruct their own ( and charge you)
---

portability is good but only if you meet lending criteria at that time. (note not many higher LTV 10 yr fixes around)

beecher

Halifax aren't offering a 10 year fix at the moment. Keep an eye on

https://www.halifax.co.uk/mortgages/newdeal.asp

to see what deals they're offering to existing customers. SVR is 4% now but your LTV sounds like it might be a concern as even if it was worth £80k two years ago, how ikely is it to be worth the £75k you need it to be to have an LTV of 90% or over to be able to move lenders?

Greenr

beecher wrote: »

Halifax aren't offering a 10 year fix at the moment. Keep an eye on

https://www.halifax.co.uk/mortgages/newdeal.asp

to see what deals they're offering to existing customers. SVR is 4% now but your LTV sounds like it might be a concern as even if it was worth £80k two years ago, how ikely is it to be worth the £75k you need it to be to have an LTV of 90% or over to be able to move lenders?

I think my mortgage balance is currently 65k (I'm going to check this very soon). If Halifax say my property is currently worth 75k what LTV does this mean I have? Can you tell me how to work out the calculation (sorry, not great at maths)...

JMitchell_2

Greenr wrote: »

I think my mortgage balance is currently 65k (I'm going to check this very soon). If Halifax say my property is currently worth 75k what LTV does this mean I have? Can you tell me how to work out the calculation (sorry, not great at maths)...

Loan Balance / House Value * 100
65 / 75 * 100 - about 86.67%

vod

I'd say it's a bit early to start looking now - the deals seem to be changing on a weekly basis at the moment.

Ask a couple of estate agents to come and value the house before you or your IFA start looking to give you a better idea of what the value might be.

vod

Sorry, meant to add in there - I'm sure the recommended time to start looking is up to 90 days beforehand. If you find a good deal and the mortgage company agrees it, they are bound to keep the deal open to you for 90 days.

Squish_21

Stay on rhe SVR

Greenr

Squish_21 wrote: »

Stay on rhe SVR

I'm going to phone Halifax to find out what they value my place at and prob get a local est. agent to come round to value it. I see that the average house price has risen slightly in January... if it rises again in February I think I might stay on the SVR until I can fix at a good rate. Because I think I'll be quite close to 90+ LTV I'm not really keen on going onto the SVR... but then again, if prices start to rise slowly SVR would be a good option!!

Thanks for all the responses