Remortgaging from having no mortgage

Middy123

Hi all

We currently have no mortgage but we're looking to do some debt consolidation and home improvements so have been looking at remortgaging.

Daft question but are we effectively FTBs again - in as much as our property is effectively our deposit. HSBC online have asked for the valuation for the property which obviously, if we were buying another property would have a valuation - so how do we know what to say the value of the property is (apart from getting in a local agent).

Also, how long is the process likely to take from filling in the online forms (roughly, obviously every bank etc is different).

Thanks

L

lek3

Have a look at website nethouseprices. com - which indicates sold house prices per area/street with a basic description of property. You could use this as a benchmark. It's free and easy to use, I used it for personal property research. Hope it helps.

p.s no idea how long the bank will take.

Jacka87

I suppose you could try and get a FTB deal but I find it unlikely. I currently own my property outright but have a security against it to my dad. I am currently looking to remortgage to pay him back and they consider me a remortgage not a first time buyer, even tho its my first home!

If you get a FTB deal then let me know!

happybroker

you're not a first time buyer as you're not buying anything, simply raising cash secured on an assett you already own.

you will be looking at remortgage deals and you need to base the value of your home against what houses in your area are selling for, not what they are being marketed for. The easiest way to do this is at zoopla.co.uk, type in your post code and it will tell you the actual sale price of houses in your area.

There are 2 levels of service available to you when speaking to a bank/ intermediary about morrtgages, "advice and recommendation" or "non-advised". I think if you are very unsure about what it is you are doing then make sure you receive the former....watch out for the phrase "to help you make an informed decision" as this will mean you are not getting any advice.

Middy123

Thanks everyone. It makes sense that we're not FTB cos we're not buying - DOH lol.

Will go through the system and see how we fare.

Thanks

Linda