If I remortgage whats the form re: valuations???

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Hi, We are looking to come off interest only at 2.5 with Nationwide and fix at 5 years..
we have 32000 outstanding and 12 years to run.
Nationwide are not quite as competitive as a remortgage with hsbc ect..
My Problem is I dont fancy a valuation bloke coming round as we are in a bad state decoratively and the garden needs work done too.. nothing bad , just my pride, and the times not really available to get on with things, if remortgageing now !!!
What do they look at ? I have never dealt with such things??:o

opinions4u

They are basically assessing what the lender could sell your house for if you didn't pay.

The valuer won't give a monkeys about an overgrown garden or a bit of flakey paintwork.

He'll want to ensure that the house has a kitchen and a bathroom and looks structurally sound.

That's assuming they choose to go in to the property. If your house is worth significantly more than your debt the valuer may simply be asked to drive by to ensure the house exists!

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ohhh,, Thanks,
Thats not to bad then,
yes well I should think this place is worth £150,000
at least, but having lived here ages, its full of clutter !
didnt fancy some guy measuring up every nook & crannie! :eek:

dimbo61

You are paying about £66.67p a month Interest only at 2.5% with Nationwide YES ?
If you went onto repayment and took a 5 year fix at 4.5% with say the Post Office over 12 years the £32,000 mortgage would cost you about £288 a month.
Fee for that deal is £599 plus other fees
So check with Nationwide what they can offer you as moving to another lender will incur some fees and you only have a small mortgage ( No point paying a £999 fee !) GOOD LUCK

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YES ! you are correct there !
We went to interest only about 18 months ago
having been on reduced income at that time
my husband is now on 20,000 a year ( ambulance service )
before that we were interest only for the start of the mortgage, (Originaly Portman )
and still have the endowment running.
I rang Nationwide the other day, to inquire about fixing, and they were not really very helpfull, and mearly quoted the rates I had already seen on the website.
I dont now how to word things when I call them,
think the girl had , had a long day!!
Would it be better to call into a branch?
how do I get a good deal? help !!

dimbo61

I am a serving Paramedic with the ambulance service !you have a great choice of lenders and should look round at the best deal to suit your needs?
I feel a 5 year fix gives you security and £288 a month is not a high monthly payment at the same time build up your savings in regular savers and ISA,s and with careful savings you could be mortgage free in 5 years !!!
Barclays 6% RS ( before tax ) and some ISA,s paying 3.1% ( no tax ) GOOD LUCK and hope your OH enjoys his new career.

dimbo61

ring your local Nationwide branch ( make an appointment with Mortgage adviser) and see what they can offer.
Bring all the mortgage paperwork etc income payslips

Seamonster_2

dimbo61 wrote: »

ring your local Nationwide branch ( make an appointment with Mortgage adviser) and see what they can offer.
Bring all the mortgage paperwork etc income payslips

Sorry to hijack this thread, but I'm intrigued as to why you advise going into a Nationwide branch. Are they able to offer deals that they don't advertise? If so, are you talking about the OP's situation specifically, or could this apply generally?

I'm asking because I'm with NW on BMR and looking to fix - but not at their current advertised rates.

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Thanks for the input, Dimbo61 ,
well yes, its finding the time, but we will call in the branch,
would like to stay with Nationwide , keep things simple,
I really dont want to add a £1000 to the mortgage with HSBC !

Seamonster... i really dont know,
How keen will they be to keep us ?? lol!

So far not very !

samnorris2

£££HELP£££ wrote: »

ohhh,, Thanks,
Thats not to bad then,
yes well I should think this place is worth £150,000
at least, but having lived here ages, its full of clutter !
didnt fancy some guy measuring up every nook & crannie! :eek:

Check out this site to get some indication on your house value.
http://www.nationwide.co.uk/hpi/calculator.asp?calculate=true

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Ohh Thanks thats a hand tool..
well in that case it is 135,000
but we have improved it quite a bit, by restoreing original features and doing the roof !!
So maybe 150.000 wasnt to far off !
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