Natwest re-mortgaged on incorrect LTV & failed to suggest a survey

adeelmpk

Experts

I purchased a repossessed property [at a lower market value] in March 2010.

Some mortgage timelines are as below before I explain my question.

Lender - Natwest
Application - first time
Date - March 2010
Mortgage period - 2 years fixed
LTV - 85%

Now when the above deal expired I remortgaged with same lender.

Lender - Natwest
Application - remortgage
Date - April 2012
Mortgage period - 5 years fixed
LTV - 75%


When I remortgaged in April 2012, I made a lump sum payment to bring the LTV down to 75% however due to lack of my expertise I didn't realize that I should revalue my property to lower the LTV and get a better mortgage product [lower APR etc]. As I mentioned above it was a repossessed property and I purchased at a significantly lower rate than its market value. [approx ~15-20% lower than its market value].

My question/frustration is that bank [natwest] also failed to advise/suggest that I should have my property value reassessed at current value before I should take out a renewal mortgage product.

As a result they sold me a mortgage product based on its value back in March 2010. This resulted in me getting a higher interest rate product [based on 75% LTV] and although I have recently resurveyed the property with its correct market worth however I'm locked in a 5 year deal and paying higher APR since mortgage deal renewal. Is there anything I can do ? and if so who/how I should approach this ?

adeelmpk

Please delete this thread. I realized I had posted in the wrong section. reposted in correct category as below.

https://forums.moneysavingexpert.com/discussion/comment/66400106#Comment_66400106