Current Mortgage ending soon, what next??

eddy21

I've had my current and first mortgage for nearly 4 years and come September I either need to renew or go on to their SVR.

My question is this; do I need to have the house valued before approaching dealers or brokers so I know where I stand on that front or do the new mortgage company do that as part of the process?

Thanks in advance.

Jonathan

holly_hobby

If you stay with the same lender, and just secure an existing borrower rate, then generally no, unless you are looking at a deal that is for a much lower LTV that what you originally secured.

If you move to an alternative lender (remortgage), then there will be a survey, which may be non-attended (which is typical with the fee free deals, and really just a paper check on value), or actually attended (ie surveyor actually visits the property to perform a physical survey on conditon/value).

Hope this helps

Holly

eddy21

Thanks Holly,

Ideally I'd like it valued as hopefully we've added some value to the property with all the work we've had done.

I guess there's no harm in having an independent valuation done off my own back.

holly_hobby

No, but if you do, you may have to have it re-valued if the independent surveyor you use, isn't on the panel of your chosen lender.

Possibly look around for what deals you fancy, and then decide if you will need to have it revalued to meet any ltv restrictions. (ie max 75% deals etc).

If you want to cut through the woodwork, a mortgage broker will be of great assistance in not only sourcing a suitable product/lender, but also with regards any attended survey requirements.

Hope this helps

Holly x