How do Halifax calculate LTV when switching to a new deal?

Steube

Hi,

I was wondering if someone knew the answer to this before I try getting in touch with Halifax?

I have a mortgage with Halifax on their variable rate and want to go onto a fix. Their website lets me start doing this with little fuss as an existing customer.

There's something unexpectedly good though: the website shows my LTV as lower than I expected - i.e. either the house is valued higher (they haven't valued it since I got the mortgage with them, years ago) or I've paid in more than I remember (I haven't!).

The change in LTV is about what you'd expect if Halifax automatically adjusted the house value by what the Halifax/Lloyds price index would suggest.

So the question is: do Halifax automatically adjust the house valuation without sending out a surveyor?

HoneyAndLemon

Steube wrote: »

Hi,

I was wondering if someone knew the answer to this before I try getting in touch with Halifax?

I have a mortgage with Halifax on their variable rate and want to go onto a fix. Their website lets me start doing this with little fuss as an existing customer.

There's something unexpectedly good though: the website shows my LTV as lower than I expected - i.e. either the house is valued higher (they haven't valued it since I got the mortgage with them, years ago) or I've paid in more than I remember (I haven't!).

The change in LTV is about what you'd expect if Halifax automatically adjusted the house value by what the Halifax/Lloyds price index would suggest.

So the question is: do Halifax automatically adjust the house valuation without sending out a surveyor?

Yes, they update your LTV quarterly based on an indexed linked valuation. Hope that helps.

amnblog

As mentioned above the index valuation is the automatic figure. If this figure is not suitable for your needs nor representative of the true value, they will send a valuer out at your request for a nominal fee.