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

wolvotim

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

Thrugelmir

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.

michelle2008

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

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

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?

wolvotim

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

Speak to them.

They won't bite - despite the fact they are from Newcastle.