Remortgage - How do I find out current value?

Keith

Hello,

We bought our house in 2006 with a together mortgage from NR, we paid £128.5k. Our fixed term ended in April 2009.

I've looked on Nationwides website and they think the house is worth in todays market £131k.

Since December 2007, NetHousePrices have the sold prices for 5 houses in our street, all the houses are the same 2 bed semis built in 1980:-

December 2007 - £152,955
March 2008 - £143,000
September 2008 - £143,500
February 2009 - £135,000
July 2009 - £119,000 :eek:

We'd like to consider moving onto a fixed deal in the next 6 months, but how do we find out our homes current value? Would you say the Nationwide are correct with £131k?

Many thanks
Keith

gemmsiej

I used their tool as well to find out property of my house abd it seemed quite correct, I did it by postcode. You could always ask an Estate Agent round on the pretence of moving to give you a valuation but they may not be spot on either, when we put our house up for sale we had 3 quotes, one for £160K, one for £180K and one for £195K and sold for £175K so nobody was spot on!

Melsee_2

You could get an estate agent round as suggested. That will give you an idea. But as lenders may be cautious so you may be lucky to get a generous valuation.

_Andy_

NW figure sounds about right. I would imagine you have no or little equity at the moment which would rule out changing mortgage lenders.

Keith

Thanks guys, Andy you are right, we took the 100% deal and then added all the fees and the first months interest to it, we also took the payment holidays not thinking where that interest was going. We've since managed to get it down to owing £126k. I can still remember the broker explaining we could borrow 25% on top of the house price!

A few months back Nationwide said it was worth 127k so we'll just have to continue to overpay and hope we beat the interest rates rising