Mortgage Advice Please

mwilde

I'm currently on Santander SVR - 4.21%. I owe £138k over 28 years. I estimate that the house is worth £168K. The problem is this is debatable. Santander don't want to know about putting me on a new deal - they say I don't have enough LTV - I asked what price they are valuing my house at and they wont tell me. I'm getting my price from Zoopla.

If im right I have just over 85% LTV, however it can only be down valued to around £162K to drop it out of the 85% value - therefore meaning I would need a 90 LTV% deal - which I cant find any decent ones.

The problem is a couple of mortgage advices I have spoke to, have sent me deals where I have to pay hundreds of pounds on mortgage application before the valuation. I don't want to gamble.


Where is the best place to get a valuation from?
What do I need to compare when looking at different mortgages?

One example deal is a tracker - 2.99 above BE - making it 3.49. The fees are £900.

I think that this means its £644 a month instead of £700. Meaning after 2 years the remaining debt would be £131,975 on the new deal instead of £132,607 staying as I am. Which makes a £632 saving - but the fee's were £900 - so therfore im better staying on the current deal??? Plus this is a 85% LTV deal - which I might not even get anyway.

Am I working this out right?

Any help would be very much appreciated. I have been researching this for a couple of weeks - and my head is now spinning.

kingstreet

Find an upfront fee-free deal. Apply for the remortgage at 85% or under and see what valuation the surveyor comes back with. If the property is downvalued, cancel the application.

If it's ok, continue to completion. An arrangement fee payable only at completion is acceptable, as you know you'll pay nothing if it doesn't proceed.

ACG

The best deals have a booking fee based on a quick 85% ltv search. There are lenders that dont charge an upfront fee. Tell your brokers that you dont want to pay any upfront fees and see what they come back with.

asandwhen

I had the same problem with Chelsea - They way undervalued my house after my initial 5 year deal ran out - They put my LTV at 98% (They didnt come and value my house they just compared it with the Halifax price index and my original perchase price). They would only re value if I paid them to. In the end I applied for a new mortgage with Britannia (Fee free and free valuation). They have valued my house at 84% LTV which makes a massive difference on available mortgages. I have taken a 5 year fix at 4.19%. I know that by then end of this 5 year fix I will be under 70% ltv (If prices stay the same) and will be able to get the best rates on the market.