Advice for remortgage required

donchichio

Hello all, I currently have one freehold property and require to raise around 70k. My property was valued by Woolwich at around 80k so i would only recieve around 54 or so from a 70 % remortgage. Also my broker recommended wooliwich which is the best rate at the time according to msmarket. And i had my house valued by an estate agent who recommened a selling price of 90k
Should I remortgage at 70% at a good rate? And save money each week?
Should i go for higher ltv as i require more capital?(bare in mind woolwich is not as good at 75%)
Should i argue for an improved valuation with woolwich?

I realy need to decide soon

Thanx

Mrs_Bumble

Woolwich are not going to shift much on their valuation. If the estate agent valued at £80K then likelihodd is that the Woolwich valuation is not far off when you consider how many people are actually going to pay an asking price in the current market?

The lenders tend to have rules on maximum loan to value when you are capital raising so you may struggle with any lender. What are you raising the money for?

Which Woolwich rate are we talking about?

donchichio

Thanks for your input, much appreciated

Firstly, the estate agent recommended a selling price of 90k but the valuation person from woolwich stated a figure of 80k.
Do you think i should settle for 80k even though I require 70k in capital. Also, if i was to go for a higher ltv, would be worth while ??
Currently woolwich have offered 4.79 % 2 yr fix 75 % ltvWhich equates to around to 303 per month but I can afford a bit more at the moment.

Also i have considered selling the property but it would take too long.

In addition, i require the capital for a business venture.

donchichio

Bump

Sorry guys but i really would appreciate as much feedback as possible as i need to commit to some financial decisions within the next couple of days