Mortgage Questions

HawkinsG

I am in need of advice, I brought my house in Nov 08 for 130k, was valued at 160k at the time got a good deal as rented for 5 years off private landlord. Due to financial history and as this was my first mortgage we pay a fixed rate of 6.45% for 2 years then on to variable which atm is 4.1%, we can pay the fixed rate but are worried that when it changes on to a variable rate the rate could increase to above this amount when the recession ends... I very much doubt we could get another mortgage as according to zoopla our house is now worth 114k, even though all the other houses in our road are valued at 170k+ including next door (semi detached..) is it worth us getting an independant valuer out to check this, do mortgage companies use that site to check values?

dwsjarcmcd

No-one uses Zoopla for real valuations. House prices may have dropped since November but from £160k to £114k. Don't think so and also you have another 20 months where you can't really do much! Thoughts,
1. Ignore Zoopla valuations
2. Use the next 20 months to repair your credit if possible
3. Forget it for the next 16 months!

David

caracal_77

dwsjarcmcd wrote: »

No-one uses Zoopla for real valuations. House prices may have dropped since November but from £160k to £114k. Don't think so and also you have another 20 months where you can't really do much! Thoughts,
1. Ignore Zoopla valuations
2. Use the next 20 months to repair your credit if possible
3. Forget it for the next 16 months!

David

And overpay as much as you can if possible.

Mini_Bear

Yes - when you do move to the lower variable rate overpay as much as you can to bring down your mortgage LTV. This will help when you come to remortgage and want another fixed rate.