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Remortgage Advice
JasperW
Posts: 5 Forumite
Hi,
Just after a bit of friendly advice on our options.
We bought our 3 bed semi house for 100k in Jan 2010, 85% LTV with Nationwide on a 3 year BOE tracker.
In that time we have borrowed approximately 20k through a personal loan and credit card to get work done to the house.
Acknowledging the current state of the housing market, I would like to think that the work has added a little bit of value to the property, and in addition another 3 bed semi in the street sold for 117500 last month, I would argue less saleable than ours but I acknowledge I'm no surveyor.
We would like to re-mortgage for two reasons, one I want to fix in now for piece of mind, and two to pay off a good chunk of the unsecured debt we accrued in doing the work to the house. Naturally, the whole idea of doing so is dependent on the valuation of the property.
I guess my options are to basically, re-mortgage directly with another lender and hope they value the property at what we want (117.5k would be amazing) or go talk to Nationwide about additional borrowing.
Just wondering what folk would advise?
Thanks
J
Just after a bit of friendly advice on our options.
We bought our 3 bed semi house for 100k in Jan 2010, 85% LTV with Nationwide on a 3 year BOE tracker.
In that time we have borrowed approximately 20k through a personal loan and credit card to get work done to the house.
Acknowledging the current state of the housing market, I would like to think that the work has added a little bit of value to the property, and in addition another 3 bed semi in the street sold for 117500 last month, I would argue less saleable than ours but I acknowledge I'm no surveyor.
We would like to re-mortgage for two reasons, one I want to fix in now for piece of mind, and two to pay off a good chunk of the unsecured debt we accrued in doing the work to the house. Naturally, the whole idea of doing so is dependent on the valuation of the property.
I guess my options are to basically, re-mortgage directly with another lender and hope they value the property at what we want (117.5k would be amazing) or go talk to Nationwide about additional borrowing.
Just wondering what folk would advise?
Thanks
J
0
Comments
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You could include an independent or whole market broker in this list, then you should have your options covered.I guess my options are to basically, re-mortgage directly with another lender and hope they value the property at what we want (117.5k would be amazing) or go talk to Nationwide about additional borrowingI 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
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