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How long does it take to remortgage?
mose_2
Posts: 414 Forumite
Hi, our mortgage deals runs out on the 16th December, Santander haven't offered me a very good deal (3.99%) fixed 5 years. I have a couple of questions
1. How long does it take from applying until completing?
2. Nationwide have a good fix but it's right on my LTV limit, current mortgage is £148000, the thing is the last house to sell in my road was 2 years ago for £210000 which is just below the 70% required, other houses in surrounding streets which are the same have gone for £215-£230k, Is it worth applying for the 70% rate?
Thanks for looking.
1. How long does it take from applying until completing?
2. Nationwide have a good fix but it's right on my LTV limit, current mortgage is £148000, the thing is the last house to sell in my road was 2 years ago for £210000 which is just below the 70% required, other houses in surrounding streets which are the same have gone for £215-£230k, Is it worth applying for the 70% rate?
Thanks for looking.
0
Comments
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1. 4-6 weeks.
2. Is the product for the next LTV band any good? If you don't make the 70%, they'll shunt you onto the next rate.I 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 -
The next band up isn't much better than the Santander one which means it would be pointless moving. Are the valuations usually below market rate or on par?0
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How do you know the "market rate" and what source did you use to establish it?
Surveyors normally value based on what comparable property in the immediate locality has sold for in the previous three months. Their valuations will be lower than those provided by estate agency listers for "marketing" purposes.
The Nationwide follow-on rate, at 3.99% is lower than Santander's SVR by around 0.7% and is likely to remain lower as a result of its mutual status.I 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 -
Market rate for same houses going by rightmove £230000 average, going by sold house prices anything between 210000 and 245000.0
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Hi, our mortgage deals runs out on the 16th December, Santander haven't offered me a very good deal (3.99%) fixed 5 years. I have a couple of questions
What would the follow-on SVR rate be if you stayed with the existing lender & product and just continued paying the debt off ?ORIGINAL MORTGAGE AMOUNT £106,454.00 (Started Sept 2007)
NOV 2021 O/S AMOUNT £1,694.41 OUR DEBT REDUCED BY £104,759.59 by std regular, over-payments & off-setting.
BofE +0.19% Tracker Repayment Offset Mortgage Discounted Sept 07-10 then increased to BofE +0.62% until 20270 -
currently paying 3.19% would go onto santander 4.89%? so need to move sharpish.0
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