New mortgage deal or remortgage?

chug_2

Hi

I wonder if someone an help me.

I'm with my current mortgage provider and I asked about remortgaging (because i thought this was what i should have asked for). Anyway i was talking to a friend and she said I should ask for a new mortgage deal. Is this correct or are they the same thing?

Basically I'm on a variable and now I want to fix it I don't want extra money or consolidate any other loans. I'm confused cos my current lender wants to do a valuation of my property which I don't mind but I'm not need to lend anymore money than I'm already am.

Also my wall paper in the kitchen is pealed off and you can see where my cat has peeled it do you think I need to decorate if I do have valuation or do you think will not be that bothered cos it's only a basic one?

kingstreet

You ask your current lender for a product transfer or customer retention product.

You ask a new lender about a remortgage, as this process involves a new mortgage deed, hence the "remortgage."

Look at both options. Many remortgage products are fee-free and you may get a better deal by moving.

jason1231972

chug wrote: »

Also my wall paper in the kitchen is pealed off and you can see where my cat has peeled it do you think I need to decorate if I do have valuation or do you think will not be that bothered cos it's only a basic one?

Very unlikely to affect valuation. The valuation looks to assess what your lender could realistically sell your property for should things go belly up and they have to explore the repossession route. A bit of scabby wallpaper that could be fixed for a couple of quid won't matter.

chug_2

Thank you both that is very helpful. I don't know why but I'm so nervous about it all I really don't want it to go wrong.