FTB Mortgage Deal Ending

McFly

Hi All

Me and my wife brought our first property in 2012. Our deal then was Halifax 95% LTV, 250K property, 237500 mortgage. Interest rate 5.95%, fixed 3 yrs, overall term 25yrs.

Our deal actually expires in just over a year, so I thought id get my head around what will happen so I can get myself in the best position for when this happens.

When remortgaging, will Halifax base a new deal on the current house value?, since 2012 our home is now valued at 310K (work done to the property and local sale prices). Am I therefore correct in thinking the outstanding mortgage by the end of deal, say 225K, would then be remortaged with a LTV of 70%? Opening up better deals.

Thanks in advance
McFly

creditcarddebt

Hi, you might have to pay for a valuation. I am with Natwest and assumed that they would take the slight increase in house prices into account plus the fact that we had completed an extension on the property. They kept the valuation at the same as when we bought the property at £270,000 two years ago and did not take into account anything! The only way we would have got them to change the valuation was to pay them £346 for a new valuation. This is even after having an estate agent value the property at between £300,000 - £325,000. I was a little hacked off with this to be honest but can't change it if that is the way they do things.

Maybe give them a call and see what their procedures are??