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Mortgage Options
DavidDebt
Posts: 51 Forumite
I took out my first mortgage just under 3 years ago. 3 year fixed deal is about to end. Obviously I'd revert to my providers SVR (3.99%)
I have been shopping around to see what offers I may be able to get.
When I got my mortgage they used th purchase price of my property rather than the value provided by the lenders valuation as the purchase price was lower due to it being sold by a building firm who had it on its books after a part exchange with the previous owners.
Will any new lender use the purchase price or carry out a valuation and use this when calculating the LTV?
Many thanks in advance.
David
I have been shopping around to see what offers I may be able to get.
When I got my mortgage they used th purchase price of my property rather than the value provided by the lenders valuation as the purchase price was lower due to it being sold by a building firm who had it on its books after a part exchange with the previous owners.
Will any new lender use the purchase price or carry out a valuation and use this when calculating the LTV?
Many thanks in advance.
David
0
Comments
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Hi David,
Lenders will all undertake a new valuation, with the exception of your existing lender who may use an indexed (internal system valuation)
Hope this helps...I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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.0 -
Many thanks mate. Good new as the valuation I had recently will give me a LTV of nearly 70% great! The offers at this rate are so much better.
The one I've found is great is a 5 year flexible at Bank of England Base Rate + 3.09%
Going to overpay on this and insulate myself from rate changes in the meantime for when the 5 year deal ends.
Cheers again. This is such a great forum! :T0
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