How do banks work out your homes value for a remortgage?

Thrugelmir

Use the £799 fee saving to pay off a lump sum from your mortgage.

johncolescarr

dunstonh wrote: »

Zoopla tends to overprice properties and is little more than a guess. My current Zoopla value is over 10% more than what I would get for it. Although its more in line with what it would be put up for sale for with an estate agent.

If this is the case (and if I'm honest it probably is) then I havent got 90% LTV. Just a bit annoying that the house is worth less than we paid for it!

johncolescarr

Thrugelmir wrote: »

Use the £799 fee saving to pay off a lump sum from your mortgage.

Thanks for advice, I'll add it as a lump sum, already overpay to get a better LTV but realistically it'l be next year before we can remortgage (maybe less if house value goes up but not counting on it)

johncolescarr

Andrew_Thomas wrote: »

if i is a remortgage you should be able to get a deal with a free valuation

Thanks for advice but looks like I probably dont have the equity after all! Still I'll look out for deals with free valuation but with my pants equity I doubt I'll beat my SVR of 5.4% if I could get a re-mortgage at all!

blueberrypie

johncolescarr wrote: »

Just looked at Moneywise mortgage comparison and it says that Northern Bank are offering

Northern Bank only lends in Northern Ireland, so you wouldn't have qualified anyway, if the location info on your profile is correct.

Thrugelmir

johncolescarr wrote: »

Thanks for advice but looks like I probably dont have the equity after all! Still I'll look out for deals with free valuation but with my pants equity I doubt I'll beat my SVR of 5.4% if I could get a re-mortgage at all!

Keep chipping away and overpaying the maximum you can.

In historic terms 5.4% isn't a bad rate. Could be far higher..........

johncolescarr

blueberrypie wrote: »

Northern Bank only lends in Northern Ireland, so you wouldn't have qualified anyway, if the location info on your profile is correct.

Well I did wonder!! I dont know why it showed up in the list from Moneywise but was not in best buy tables I've seen! I just assumed they offered mortgages to mainland UK

johncolescarr

Thrugelmir wrote: »

Keep chipping away and overpaying the maximum you can.

In historic terms 5.4% isn't a bad rate. Could be far higher..........

Thanks for advice, luckily we can afford the rate even if it went up to 11%, just annoying when colleagues at work are boasting about their 2% rates!

What I find funny is if we had a 10% deposit, the banks would be willing to lend us £300,000 and I want to borrow less than half of that, but I suppose its the risk to the bank if we defaulted the capital would not be recovered in auction

My mistake for not having a big enough deposit (well none to be precise) when we bought in 2007, I have learned that lesson the hard way

TOBRUK

I am remortgaging in order to buy another property - I found out that I don't have a portable mortgage and that my current lender doesn't do portable mortgages at all! I found another lender who carried out a valuation on my house and turned out to be £10,000 more than the valuations made by the estate agents!