4.15% - best 5 yr fix @75% ltv?

Sportbilly_2

Great stuff, thanks very much for the info. Fingers crossed everything goes through OK.

markdavey

dimbo61 wrote: »

Hi stolt and kforshaw,
The A&L 5 year fix is 3.99% and has no fees
You do have to open a premier account but if you pay in over £500 a month and pay the mortgage with that you dont have to move current accounts.
If your new mortgage will be less than that then reduce the term by a year or 2/3/4 to up the mortgage payment to over £500 a month. EASY !

Be aware that A&L use the Halifax House Price Calculator for their LTV valuations, it is instant and they get it on the screen the moment you give your Post Code etc. I have just had a conversation with them that their system has undervalued my property by almost £20k (going by recent sales of the same type of property in my area). Their instant valuation takes me above the 65% LTV to get this product. They ONLY rely on this valuation, they do not make individual valuations.

This system may preclude this product for many.:mad:

Sportbilly_2

This one?

clairehi

markdavey wrote: »

Be aware that A&L use the Halifax House Price Calculator for their LTV valuations, it is instant and they get it on the screen the moment you give your Post Code etc. I have just had a conversation with them that their system has undervalued my property by almost £20k (going by recent sales of the same type of property in my area). Their instant valuation takes me above the 65% LTV to get this product. They ONLY rely on this valuation, they do not make individual valuations.

This system may preclude this product for many.:mad:

Just to agree with Mark we had the same experience. We were an existing A&L customer and they refused to offer us their 5 year fix for 75% ltv because the Halifax calculator downvalued our house. A&L refused to carry out a physical valuation.

I disagreed with A&L and went elsewhere. We had a physical valuation done obo B&W which valued the house at £27 000 more than the Halifax calculator. (The valuation came in at the same amount we paid for it in 2006 which was the value I stated on the mortgage app).

clairehi

Sportbilly wrote: »

This one?

The publicly available Halifax calculator will only give you a valuation for Q4 2008 so is out of date now.

It did not give us the same figure as the one A&L told us their system was showing. The public version valuation was much higher than A&L's

Sportbilly_2

OK, ta. I was initially going to go with the A&L 5 year fix at 3.99%, but I was concerned that our LTV would be over 65% and that we'd lose our valuation fee.

The problem with the Halifax calculator is that it gives you wildly different values, depending on where you start from. We bought our house for £142500 in Q4 2003, and using that value in the calculator gives a figure of around £175,000, which is what the Halifax themselves have told me they value our house at and would give us an LTV of less than 60%.

If you plug in the price that our old next door neighbours sold at in Q4 2007 and extrapolate to now, there's a £20,000+ difference, pushing us well over the 65% LTV threshold.

We just decided to play it safe, as even if the house is priced the same as we bought it, we'd still be under the 75% LTV.

clairehi

Sportbilly wrote: »

OK, ta. I was initially going to go with the A&L 5 year fix at 3.99%, but I was concerned that our LTV would be over 65% and that we'd lose our valuation fee.

The problem with the Halifax calculator is that it gives you wildly different values, depending on where you start from..

have you spoken to A&L and if so, have they given you a desktop valuation figure?

A lot of people on here seem very worried about losing a valuation fee if the property is downvalued and are avoiding certain deals because of this. It may be a risk worth taking especially if you have a larger mortgage like me. it takes a little bit of effort to compare the "lifetime cost" of different deals but Locoblade's spreadsheet is very helpful with this.

Sportbilly_2

I haven't- will they just you give a figure if you ring up and ask, or do you need to pay the fee first?

dannykos

WIth A&L - if you're an existing mortgage customer, it only costs £95 to have a valuation done - mine was completed this morning. I told him what figure I was looking for, so fingers crossed!!

clairehi

dannykos wrote: »

WIth A&L - if you're an existing mortgage customer, it only costs £95 to have a valuation done - mine was completed this morning. I told him what figure I was looking for, so fingers crossed!!

Interesting, we are existing A&L customers and they would not instruct a physical valuation as their desktop system downvalued our property.