Remortgage of current home to reduce costs

loveGSDs

Hi all

My current situation is as follows:

Outstanding mortgage - £88,000 (approx)
House value - £98,000 (valued by remax last year)

Im looking to re-mortgage to reduce my payments, HSBC are offering the best rates for me. They charge £250 to come and value the house, however as my o/s mortgage and house value are on the limit....is it worth me forking out the £250 and risk losing it?

Does anyone think that HSBC will value my house to give me the 90% LTV so they get the custom?

i know no one will know the answer to this and it will be a gamble of the
£250, just looking for some general opinions

thanks

Annisele

loveGSDs wrote: »

Does anyone think that HSBC will value my house to give me the 90% LTV so they get the custom?

I very much doubt it. In general HSBC have pretty decent rates, and that means that they can be picky about who they lend money to / the properties on which they lend.

Comyface

I agree with Annisele I'm afraid. Sorry.

loveGSDs

no problem. it was what i was thinking deep down, suppose i was looking for some confirmation

thanks for replying

catieeb06

A lot of mortgage companies offer re-mortgage packages, usually with free valuation and free legal fees or free valuation and £250 cash back.

What interest rate are you on at the moment? Could you put any more money into the mortgage? IE to bring you from 89% LTV to 85% where you will find much better interest rates.