Ditch my fix?

RenovationMan

beecher2 wrote: »

I don't recommend looking at averages, as they use historic data which obviously doesn't reflect present day values - my own street uses the figures from the last 6 years. But looking at recent sales for similar properties is vital if you want to work out a realistic LTV, rather than just assume that your own property/house/area is immune to what's going on elsewhere.

Your assuming that I'm assuming that I'm immune to house prices falls. I'm not sure why you are assuming that I'm assuming this as I havent indicated this anywhere in my posts?

The trouble with my house is that its a farm house built in the 1700s and so pretty unique and so difficult to compare with other 'similar' properties. My post code has 5 other properties in it, and only one of them has sold in the last 6 years apart from mine. That one was a one bed crofters cottage that sold about 5 years ago, I assume for 177,475?

Interestingly, my house sale has not appeared on the land registry website, even though the sold price of my previous house did ages ago. Should I be worried?

beecher2

RenovationMan wrote: »

Your assuming that I'm assuming that I'm immune to house prices falls. I'm not sure why you are assuming that I'm assuming this as I havent indicated this anywhere in my posts?

I was referring to the OP as his house's value is what is being discussed. Ultimately what matters is what the prospective lender values a house at, not what anyone on here thinks. The OP should perhaps contact his own lender to ask what they value their house at - could also use

http://www.nationwide.co.uk/hpi/

Engeroosi

Again the assumption is being made that Scotland is one city!!! No use whatsoever. Dundee and Perth are completely different to Edinburgh or Aberdeen Or Glasgow. Dont think you are getting that point beecher.

beecher2

Engeroosi wrote: »

Again the assumption is being made that Scotland is one city!!! No use whatsoever. Dundee and Perth are completely different to Edinburgh or Aberdeen Or Glasgow. Dont think you are getting that point beecher.

You seem incredibly defensive. Good luck getting the deal you want - all I was attempting to do was to show the tools which lenders may use when working out a valuation for your house.

RenovationMan

beecher2 wrote: »

I was referring to the OP

Ah, sorry. I thought you were referring to me as you quoted me before your comment. No worries mate, I was just wondering how the heck I had given the impression that I was immune, when I know I'm not. I'm happy to give the impression that I dont care about house price falls, because I dont.

Engeroosi

I know how house prices can go up as well as down but I also know that the banks up here send out someone to survey house and area to get a price rather that rely on a calculator online which doesnt take into account condition of house and any upgrades that may or may not of been made.

Thank you for your input though, I take on board I cant "assume" my house price, without getting it priced I cant really compare deals.

TrickyDicky101

For every 1% reduction in the rate of your annual interest you will cut approximately £80 off of your monthly repayments (this assumes any re-mortgage has the same duration as your existing loan - if you reduce the term of the loan, lower interest rates will have less of an impact as your capital repayments increase).