How does value of property work for remortgage?

gazza975526570

My 5 year fix is about to end and i plan on staying with current provider.

Based on the original valuation 5 years ago im likely to be now very close to 75% LTV which means i get a reduced rate.

Question is will they still use the value from 5 years ago or will they use some forulation that will evaluate its current price? I dont think they will come and revalue?

kingstreet

Lenders work in different ways. It is possible they will have a single set of products for existing customers for product transfers regardless of LTV. Ring them and ask them what they could offer you.

You may only get the benefit of the reduction in the LTV by moving. You staying with your existing lender for any particular reason?

gazza975526570

kingstreet wrote: »

You may only get the benefit of the reduction in the LTV by moving. You staying with your existing lender for any particular reason?

Well im not 100% sure i will as i need to do some reseach this weekend. Its through my employers so i can get a reduced rate and no fees

Im looking for a 5 year fix at around 75% LTV

Joe_Bloggs

Check out Zoopla to see what they think your property is worth.
A five year old estimation may be unrealistic.
http://en.wikipedia.org/wiki/Zoopla
J_B.

kingstreet

gazza975526570 wrote: »

Well im not 100% sure i will as i need to do some reseach this weekend. Its through my employers so i can get a reduced rate and no fees

Im looking for a 5 year fix at around 75% LTV

4.59% fixed to 30/06/2016 with ING.
No valuation fee, no arrangement fee and legal work paid for, so nothing for you to pay to transfer.

There might be lower rates, but then there'll be costs attached.