Max LTV Mortgage / best rate

pdbsafc

Bought my house for £181,000 got a mortgage which still owes £142,000 being told by my current mortgage provider that ithe house is only worth £150,000 will only give me their STV - any ideas?

_Andy_

Who is our current lender?

pdbsafc

Alliance & Leicester

betmunch

you can challenge them by finding out what similar houses have sold in your area and at what level. You could even get a friendly estate agent to help if your lucky.
Take all that evidence to A&L and they will most likely tell you they dont care and their valuation stands.

At this point you go to a local mortgage advisor to remortgage you to another lender who will do a free valuation and give you an accurate figure on your property value.

feisty1

pdbsafc wrote: »

Bought my house for £181,000 got a mortgage which still owes £142,000 being told by my current mortgage provider that ithe house is only worth £150,000 will only give me their STV - any ideas?

Bought my house for £181,000........

when did u purchase?

Cozworth806

My guess would be two years ago?

Mithos

pdbsafc wrote: »

Bought my house for £181,000 got a mortgage which still owes £142,000 being told by my current mortgage provider that ithe house is only worth £150,000 will only give me their STV - any ideas?

Have they actually done an evaluation or just using the Halifax house price index?

dwsjarcmcd

betmunch wrote: »

you can challenge them by finding out what similar houses have sold in your area and at what level. You could even get a friendly estate agent to help if your lucky.
Take all that evidence to A&L and they will most likely tell you they dont care and their valuation stands.

At this point you go to a local mortgage advisor to remortgage you to another lender who will do a free valuation and give you an accurate figure on your property value.

What makes you think that A & L's valuation is not accurate? Depending on the house type it sounds plausable to me. If it is anything like right, then the OP is not going to be able to re-mortgage anyway. It also may be best for them to go onto SVR anyway and save arrangement fees, release fees etc.

betmunch

Nothing makes me think the A&L valuation is wrong. The new lender may either prove or dis-prove the original valuation.

The OP asked for ideas, I gave him one. (which, incidentally, he thanked me for)

He doesnt say anything about what he wants from his mortgage so to say the SVR may be best for him is rather silly. For all you know he might well be happy with the premium he will pay for a long term fix with little equity.

You dont need to tell me about all the fees, I am well aware of them.

Its not up to us to decide what is best for him unless hes sat on at my desk and I know his whole situation.

dwsjarcmcd

betmunch wrote: »

Nothing makes me think the A&L valuation is wrong. The new lender may either prove or dis-prove the original valuation.

The OP asked for ideas, I gave him one. (which, incidentally, he thanked me for)

He doesnt say anything about what he wants from his mortgage so to say the SVR may be best for him is rather silly. For all you know he might well be happy with the premium he will pay for a long term fix with little equity.

You dont need to tell me about all the fees, I am well aware of them.

Its not up to us to decide what is best for him unless hes sat on at my desk and I know his whole situation.

Right what you suggested was to spend time and effort challenging the valuation, then acknowledged that A & L would disregard it!

Then you thought they should go to an Adviser, so they could re-mortgage from A & L? To where, given they have a 95% LTV loan requirement? I know which response is silly.

feisty1

The OP's further information from another thread they posted yesterday...which would suggest A&L are familiar with the property........


1 Mortgage, 2 Products - Help Please
After your thoughts please. I had a fixed 2 yr mortgage before I moved house in Nov '07. Because the product still had 15 months to run A&L kept that one running and give us a similar product for the remainder of the balance on the new house. Roughly ended up at approx £72k per product.

My dilemma now is that the first product is about to run out (end of Feb), I am unable to combine the two products as the second one does not run out until the end of August.

A&L state that the house would now require a LTV above 90% so I am being placed on their SVR of 5.09% which saves me a whopping £25 a month.

Do I wait the six months until the 2nd product runs out and keep fingers crossed that the housing market picks up then remortgage or do I remortgage the fist product - if I do this would I need to revise my mortgage protection etc?

Help!!



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