We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Loan to Value help!
Upthedale
Posts: 2 Newbie
I bought a house for £225k 3 years ago using £85k as a deposit and taking out a £140k mortgage. Two years ago I had a big extension done to the house financed through savings and the house is now worth £350k. After seeing one of Martin's programs I now think I am overpaying for my mortgage due to Loan to Value of the house.
Do I have to remortgage to get a reduction in payment?
Pretty mad I've been paying more than I should be for the last 2 years
Upthedale!
Do I have to remortgage to get a reduction in payment?
Pretty mad I've been paying more than I should be for the last 2 years
Upthedale!
0
Comments
-
No, you don't have to remortgage.
Option One
Ask your current lender if you can pay to have the house revalued by a surveyor, reducing your loan to value and improving any existing customer retention product offered to you.
Option Two
Look at remortgage products with new lenders and ensure you factor-in the cost of transferring, if any, and compare the rates/fees for such products.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
Thanks for the reply kingstreet. I think I'll make an appointment soon as!0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354K Banking & Borrowing
- 254.3K Reduce Debt & Boost Income
- 455.2K Spending & Discounts
- 247K Work, Benefits & Business
- 603.6K Mortgages, Homes & Bills
- 178.3K Life & Family
- 261.1K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards