Mortgage help

tigerfeet123

Apologies for sounding dense....
We're at the end of our 2year fixed rate Northern rock/virgin mortgage deal....are we classed as 'remortgaging' now?
We could just stay with virgin and take on one of their deals.... Or obviously move to another provider....how does the 'predicting the value' of your home work? Does the house need revaluing if we to with a new company? Is this where we incur a product fee for them to do it? (I know some deals have no product fee)
We were going to suggest our house has increased in value by 10k....do they just take your word for it?

Yorkie1

At the end of a fixed period, you either:
a) go onto the current lender's standard variable rate (or whatever go-to rate was mentioned at the time you took out the mortgage);
b) go onto a new product with the same lender - this is called a product transfer; or
c) take out a new product with a different lender - this is a remortgage.

There is no fee for a).
You won't have survey or legal fees for b), although there may be an application fee depending on the particular product.
You will have survey and legal fees, plus exit fee from your current lender (often about £100-200), and application fees for c), although the particular product may not have application fees and may offer free survey / legals.

As for the value of your property, look at recent sold prices of similar nearby properties on nethouseprices.com or zoopla. They won't just take your word for it re. c) in any event.

You'll need to check how much you have outstanding on your mortgage and compare it to the value of your house in order to see what your loan to value (LTV) is. This will enable you to identify what mortgage products will be available to you.