We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 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!

First time remortgage help haven't got a clue!!!

Options
Our first time buyer 2 year deal is coming to an end in a few months.

I could probably ask 100's of questions but I'll start with just one.

LTV deal? ? How do I figure out what I'm going for? Is it just what I paid for the house less my deposit and what I've paid off the balance of the mortgage over the 2 years?

Sorry to be a thicko :p

Comments

  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    What have similar properties to yours sold for recently. That will give you a guide as to value. Every year you'll receive a mortgage statement which will tell you what you owe.

    First place is to start is with your current lender. What products will they offer you being the initial question.
  • Remember most of what you will have paid will be interest - unless you have been overpaying. The principal probably won't have fallen by very much
  • wolvotim
    wolvotim Posts: 43 Forumite
    Mmm the market on our estate is very slow moving (retired/elderly), the last house like ours to sell on here was ours lol.

    The estate over the road 3 bed detached (as ours is) go for about 180k but I didn't pay anything near that (empty house that owner just wanted rid of)
  • amnblog
    amnblog Posts: 12,728 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Your Lender may already have an estimated valuation on their system from which they will decide what options they can offer you going forward.

    Who is the Lender - and have they offered you any options?
    I am a Mortgage Broker

    You should note that this site doesn't check my status as a Mortgage Broker, 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.
  • wolvotim
    wolvotim Posts: 43 Forumite
    My current lender is the Newcastle they haven't been in touch but there is a few months yet.

    I'm hoping they are kind, I wouldn't mind saving a few quid lol.

    Are their estimates based on your purchase price plus how much the market has gone up or down since then?
  • amnblog
    amnblog Posts: 12,728 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Speak to them.

    They won't bite - despite the fact they are from Newcastle.
    I am a Mortgage Broker

    You should note that this site doesn't check my status as a Mortgage Broker, 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.
This discussion has been closed.
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 350.9K Banking & Borrowing
  • 253.1K Reduce Debt & Boost Income
  • 453.5K Spending & Discounts
  • 243.9K Work, Benefits & Business
  • 598.8K Mortgages, Homes & Bills
  • 176.9K Life & Family
  • 257.2K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.1K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.