Getting a better rate with my current mortgage

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We have a Halifax mortgage when we bought our house in December 2009. Our mortgage was for £107,000 and we had a £20,000 deposit. The house was valued at £127,000.

We were on a fixed rate for 2 years and that has now ended and we've been on a variable rate ever since.

I've looked at mortgage deals on the Halifax website and you seem to get better rates the higher the LTV. I think my current LTV based on the initial valuation when we got out mortgage is 80%.

I've checked with Zoopla (and i know they're not always accurate) but they value my house now at £142,000 so with my outstanding balance, i work out my LTV to be about 71%. This could get me a better deal.

What I would like to know is how i go about trying to get a better deal with Halifax. Would I need to remortgage? I would like to have my better LTV so i can in theory, pay the same monthly payments and shave a couple years off the term.

kingstreet

You don't remortgage with your existing lender. No change of mortgage deed is required.

Talk to Halifax about a product transfer and pay the fee (£130) for a reinspection of the property if you think the property is worth more than the Halifax indexed valuation; to get a lower loan to value and hence a better rate.

Check the products for a remortgage to a new lender as these may be better.