Remortgage valuation

Legacy_user

I have just applied for a remortgage with Yorkshire Building Society. I have gone for a 5 year fix offest on 75% LTV. I want to borrow £150k and have estimated my property value at £200k. Obviously I am right on the limit of the 75% LTV range.

My question therefore is that if the valuer comes back and values <200k, will I be allowed to simply pay a bit more off my existing mortage and borrow a bit less. (I.e. without having to reapply and lose the £195 fee I have already paid??)

Thanks

kingstreet

You'll be given a choice. A product with a higher rate as you now fall into the next LTV band or a reduced amount giving you 75% of the valuation figure, allowing you to keep the product you requested.

System

thanks kingstreet

Thrugelmir

Is your existing mortgage a £150k, or are you looking to release equity for another purpose?

kingstreet

Thrugelmir wrote: »

Is your existing mortgage a £150k, or are you looking to release equity for another purpose?

I read this;-

will I be allowed to simply pay a bit more off my existing mortage and borrow a bit less

as an indication of a straight refinance and an ability to reduce the mortgage back down to 75% from savings if necessary.

Guidance from the OP would be helpful though.

System

yes is a straight refinance - not borrowing any extra money. Valuer came round on friday, so just waiting to hear from the lender now... fingers crossed...