mortgage questions :)

misswilsonuk

Hey all
I'm hoping someone can answer a few questions for me as I have been searching and can't seem to find answers!

We are due to re mortgage in a couple of months and I wondered -

Do we have to pay legal fees again to re mortgage? (not going with the same company likely)

We have around 25-30% equity in the house, we are hoping to borrow extra money to have our loft converted. Is there a minimum amount of equity normally needed to borrow extra?

And lastly, if we were to ask an independent surveyor to value to property for us, would the mortgage companies be likely to accept this valuation? Or would they use their own surveyor anyway?

Thanks muchly for any advice!

opinions4u

misswilsonuk wrote: »

Do we have to pay legal fees again to re mortgage? (not going with the same company likely)

Yes, although many lenders offer "free" legals on some deals.

We have around 25-30% equity in the house, we are hoping to borrow extra money to have our loft converted. Is there a minimum amount of equity normally needed to borrow extra?

Typically the maximum loan will be 85% of value.

And lastly, if we were to ask an independent surveyor to value to property for us, would the mortgage companies be likely to accept this valuation? Or would they use their own surveyor anyway?

They'd want their own valuation.

Thrugelmir

Unless the new mortgage product specifies otherwise. Then yes, there'll be costs to pay.

The LTV will determine the interest rate and the options available to you. So the question is really how much do you need to release to pay for the work.

The new lender will appoint their own valuer for obvious reasons.

GinaParris

As I feel remortgaging to a better deal is a great way to cut your costs. This way you could save hundreds and thousands of your money. It is always an easy undertaking. Also switching your mortgage to a mortgage broker to a better deal is worth doing.