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How does the remortgage valuation work?
SAMMYE_2
Posts: 244 Forumite
Hi all,
Sorry another seemingly dumb question but never done this before. When you remortgage how does the valuation work? Do they send someone round your house and if so who?
Cheers.
Sorry another seemingly dumb question but never done this before. When you remortgage how does the valuation work? Do they send someone round your house and if so who?
Cheers.
[STRIKE]£106,200[/STRIKE] mortgage with 5% deposit 2 years ago on 6.99% 04/06/08 :eek:
Overpaying the max 10% per year for the next 2 years until July 2013 when I can remortgage and should be able to get down to 55% LTV.
Overpaid 10% £10,619.87 Dec 2010 & 10% £9,475 Aug 2011
Mortgage was £690 now £560
Currently £85,203 - 71% LTV 26/08/11
Overpaying the max 10% per year for the next 2 years until July 2013 when I can remortgage and should be able to get down to 55% LTV.
Overpaid 10% £10,619.87 Dec 2010 & 10% £9,475 Aug 2011
Mortgage was £690 now £560
Currently £85,203 - 71% LTV 26/08/11
0
Comments
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Depends on what you mean by remortgage?
If you mean transfer from one lender to another, repaying your old mortgage with a new one, the lender will send a surveyor of its choice to do a new valuation. If it's a low LTV, they may do a drive-by or even a desktop valuation involving no physical visit to your home.
If you mean transfer a new product onto your current mortgage with your current lender, no valuation is normally necessary. They use indices to work out the present value. You may pay for a physical valuation should you feel their value isn't accurate.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
kingstreet wrote: »Depends on what you mean by remortgage?
If you mean transfer from one lender to another, repaying your old mortgage with a new one, the lender will send a surveyor of its choice to do a new valuation. If it's a low LTV, they may do a drive-by or even a desktop valuation involving no physical visit to your home.
If you mean transfer a new product onto your current mortgage with your current lender, no valuation is normally necessary. They use indices to work out the present value. You may pay for a physical valuation should you feel their value isn't accurate.
Cheers Kingstreet yes I did mean transfer from one lender to another its just under 75% LTV[STRIKE]£106,200[/STRIKE] mortgage with 5% deposit 2 years ago on 6.99% 04/06/08 :eek:
Overpaying the max 10% per year for the next 2 years until July 2013 when I can remortgage and should be able to get down to 55% LTV.
Overpaid 10% £10,619.87 Dec 2010 & 10% £9,475 Aug 2011
Mortgage was £690 now £560
Currently £85,203 - 71% LTV 26/08/110
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