Remortgage question

Patmanuk

Hi all,

We're currently in the process of remortgaging through broker as our three year fix is up in April. Now, we have approx valued our house at £200,000, giving us a 80% LTV. We have applied for 5 year fixed remortgage and paid application fee. Still in early stages though - still yet to send documents etc to broker.

Yesterday a house around the corner to us (we live in south east FYI, very few properties come up for sale in this area), which is very similar to ours, though slightly larger garden, went on sale for £235,000. This got me thinking. If we approx valued our house at £215,000, this would gives us a 75% LTV.

Are we within our rights to withdraw mortgage application? I understand we will lose application fee of £95. I have found a couple of alternative products that can be organised through our broker. It won't be a huge saving, but the svr after 5 years is two per cent lower, which makes me feel more at ease.

Wondered what your thoughts were? Do you think we're expecting too much from the valuation? Wanted to ask you guys first before going to broker tomorrow. Let me know if you need more info

Many thanks in advance.

kingstreet

An asking price is not evidence of your house being worth more. A qualified surveyor is going to inspect your property and will rely on recent sold prices in the vicinity to help decide if he agrees with your estimate.

Leave things alone.

Patmanuk

Thanks. Think I'm just getting caught up/obsessed with what the svr rate will be in five years. But I guess we'll have pumped more equity into our house then so will be in a better position re: LTV then (fingers crossed)

dimbo61

The SVR will have changed in 5 years time so just consider the fix you are signing up for now.
Overpay every penny you can afford over the next 5 years if you have no other debts.