Finding out your house valuation and LTV

angeljay

Well from the previous people they have said to contact NR or look at the building calculator which I have done as you can see.

In the future I will need to remortgage as from the 1st May I will go back onto NR SVR which will not stay where it is forever.

Dick_here

!!!!!!_here wrote: »

This is the situation I'm in, and I'm with Nationwide in fact.

Their price calculator doesn't take account of the fact that the price we paid two years ago was in line with the state of the place then, and we've improved things since - double glazing, new kitchen, rewiring etc. I know prices have fallen, but how do I get our improvements taken into account for a current valuation ?

Any thoughts anyone ?

beecher

angeljay wrote: »

Well from the previous people they have said to contact NR or look at the building calculator which I have done as you can see.

In the future I will need to remortgage as from the 1st May I will go back onto NR SVR which will not stay where it is forever.

I'd say the house calculator is likely to be correct, and that you're in negative equity. I think you've been swayed by what people are putting their houses up for sale at, but that's meaningless - you need to find out what they've sold for, and even then there will be a lag. Look at nethouseprices for some information.

Realistically I can't see you getting an LTV of 90% or less, but suggest you see a mortgage adviser as you need advice anyway on how to get a family member added to the mortgage.

angeljay

Thanks for the advice, I have cancelled the estate agents and told my ex that if he wants a correct valuation he can pay for that.

Yes, its my older brother who is considering putting himself or maybe his wife on my mortgage. He is seeing a advisor in April as he needs to secure his mortgage first before mine but will be discussing this with that advisor.

I applied to NR to have the mortgage put in my name, but they have said I don't earn enough.

What does my ex need to legally sign to say he is not entitled to any equity (if any) from the property?

mahdlo

angeljay wrote: »

I cannot stay with my current lender as they are northern rock.

why can't you stay with Northern Rock?

angeljay

mahdlo wrote: »

why can't you stay with Northern Rock?

I can stay with NR and go onto there SVR which is fine, however I am worried that when rates start going up my monthly payments will as well to a point I cannot afford. Thats why I like Fixed rate, but can't change yet!!!

mahdlo

angeljay wrote: »

I can stay with NR and go onto there SVR which is fine, however I am worried that when rates start going up my monthly payments will as well to a point I cannot afford. Thats why I like Fixed rate, but can't change yet!!!

find a remortgage deal with a free val that they won't later charge you for if you don't/can't proceed.

you'll either value up and qualify for the deal or get downvalued and know exactly where you lie LTV wise.

angeljay

Problem with remortgaging is my ex wants off the house and mortgage so wont remortgage.... i am waiting to see if April / May time if my brother or his wife can go on it ... so i think it would be best looking then.

They have to sort their own mortgage first so I am hoping NR will allow one of them on mine !

lucyduck

Why don't you simply do a straight swap from your ex's name to your brothers and just stay with your current mortgage?

To do this you would need to get your ex to sign a transfer transferring the house from you and him to you and your brother. Northern Rock would need to agree to this. If he wants out and is willing to do this then it's a much easier process than remortgaging. I think NR charge about £150-200 to swap a name. I'm not sure if they draw up the transfer as well.

If you wanted to get an estate agent to value your house for free, you could very easily pretend that you're thinking of selling it! There's no need to tell them that you need it valuing to get your ex off the mortgage!