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Woolwich Further advance question
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flotmangooner
Posts: 19 Forumite

Hi all,
I currently have a tracker mortgage @ .49% above BBBR :j. Current balance is 64k
I wish to borrow another 38k for various reasons and spoke to Woolwich last night who agreed in principle to lend the extra on a fixed 3 year deal @ 3.99% which i am happy with.
Question i have is about the valuation:-
Will they send some one out to inspect my house or do an Internet valuation ? (i believe our house is valused at about £200-£210k so LTV is about 50%).
Reason i ask is that i am worried that they will turn down the further advance on the basis that my house is 90% brick wall and 10% timber framed. My original mortage was with the YBS who did not have a problem with this, also when we re-mortgaged with the Woolwich 3 years ago this did not seem to be an issue (although they carried out an Internet valuation then and did not physically come out to my property).
Will they just look at the further advance amount of 38k against the value of the house or will they also take the current mortgage into account as well ?
Grateful for any advice / comments
Thanks
I currently have a tracker mortgage @ .49% above BBBR :j. Current balance is 64k
I wish to borrow another 38k for various reasons and spoke to Woolwich last night who agreed in principle to lend the extra on a fixed 3 year deal @ 3.99% which i am happy with.
Question i have is about the valuation:-
Will they send some one out to inspect my house or do an Internet valuation ? (i believe our house is valused at about £200-£210k so LTV is about 50%).
Reason i ask is that i am worried that they will turn down the further advance on the basis that my house is 90% brick wall and 10% timber framed. My original mortage was with the YBS who did not have a problem with this, also when we re-mortgaged with the Woolwich 3 years ago this did not seem to be an issue (although they carried out an Internet valuation then and did not physically come out to my property).
Will they just look at the further advance amount of 38k against the value of the house or will they also take the current mortgage into account as well ?
Grateful for any advice / comments
Thanks
0
Comments
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flotmangooner wrote: »Will they send some one out to inspect my house or do an Internet valuation ?
Have you asked them?0
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