Advice on Mortgage I have been offered.

billa_champion

LOL. Yes I have a lump of £6000. So you guys think that I am stuck with the SVR?

belfastgirl23

I don't understand why your current mortgage repayment is so low. My mortgage is only £10k more than yours and I've been paying £1500 a month at 5.47% Are you paying interest only?

If it is interest only maybe that's why A&L aren't able to offer you any other rate??

Mrs_Bumble

billa_champion wrote: »

Hi Beecher

zoopla says £180,000(:eek:) but the flat opposite me (literally 5 feet away!) is valued at £215,000 if that makes sense! I cannot contact A&L today (9-5 mon-fri) will have to wait 'til monday which is really frustrating and ruining my weekend cos this is all i can think about!

The price the flat is up for sale for has no bearing on what it is likely to actually sell for.

billa_champion

belfastgirl23 wrote: »

I don't understand why your current mortgage repayment is so low. My mortgage is only £10k more than yours and I've been paying £1500 a month at 5.47% Are you paying interest only?

If it is interest only maybe that's why A&L aren't able to offer you any other rate??

hi. yes i'm paying interest paying interest only atm. Would like to switch to repayment now though!

billa_champion

Mrs_Bumble wrote: »

The price the flat is up for sale for has no bearing on what it is likely to actually sell for.

I understand that but surely there is not a difference of 30K between the value and what it sells for. Anyways, my wife will ring a few agents tomorrow to ask them to value the place, I will call A&L and ask them what they think the LTV is and mention that I want to switch to a repayment mortgage. hope i get a positive response!

billa_champion

Right. Just had the agents in and they have valued the property at b/w 210-215K. Will ring A&L this afternoon to see what they say.

billa_champion

Just been on the phone to A&L and they have said that they believe my LTV to be 106%! They said they use the Halifax tracker (or something - I wasn’t paying attention at this point - just reeling in shock!) and they believe that the property is worth £181742. I disputed this and they said that I would need to get one of their evaluators in at a non-refundable cost of £95!
They said that if their evaluator confirmed what the estate agent said (£210-215K) they would be able to offer 4.99% fixed for 1.5 years, 5.49% fixed for 2.5 years or 5.99% fixed for 3.5 years at no extra cost!

I really don't know what to do. Can anyone advise!??

riqi

billa_champion wrote: »

They said that if their evaluator confirmed what the estate agent said (£210-215K) they would be able to offer 4.99% fixed for 1.5 years, 5.49% fixed for 2.5 years or 5.99% fixed for 3.5 years at no extra cost!

I really don't know what to do. Can anyone advise!??

Personally, I would pay the £95. Is not that much, is it? I would also make an effort to present the flat at its best. Anything you can improve? Do everything you can to make the bank valuation as high as it can be.

By the way, I was offered exactly the same 3 deals last week. Interesting to see they are still offering them.

Weresmydosh

This happened to me paid the £95.00 and got a positive valuation and now £93 a month of for the next 2 years

Idonex

I'm pretty sure they (and the Halifax ) use their generic valuations as a scam to force you to pay for a valuation. When we tried to remortgage with halifax I think they said the flat was worth 110,000. Had their surveyor come round ( he literally walked in took one look and left - was there less than 2 mins) and he valued it about 190k. Disputed the halifax's Completely different original valuation with them and we didn't have to end up paying the fee for the valuation.