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Re-Mortgaging advice
Options

scoops82
Posts: 247 Forumite

Hi MSE Friends
I’m thinking ahead but asking for a bit of advice.
I purchased a house 6 months ago for £127,500 on a 35 year mortgage(2 yr fixed) with 10%. The house needed a complete modernisation and we have done the majority of it, new boiler, re-wiring, new & bigger bathroom, wallpapered and carpeted upstairs, laminate flooring and wallpapered downstairs.
In Jan 2015 I will start making overpayments as I want to bring my LTV as quickly as possible.
A house the same size, in the same street (a little better condition but not a massive difference) was sold for £180k. I am not saying we would get £180k but I would imagine £150k is a reasonable assumption – this brings the LTV down to 75% with the regular payments and overpayments and therefore hopefully it would make better deals available.
When my fixed deal ends should I
S
I’m thinking ahead but asking for a bit of advice.
I purchased a house 6 months ago for £127,500 on a 35 year mortgage(2 yr fixed) with 10%. The house needed a complete modernisation and we have done the majority of it, new boiler, re-wiring, new & bigger bathroom, wallpapered and carpeted upstairs, laminate flooring and wallpapered downstairs.
In Jan 2015 I will start making overpayments as I want to bring my LTV as quickly as possible.
A house the same size, in the same street (a little better condition but not a massive difference) was sold for £180k. I am not saying we would get £180k but I would imagine £150k is a reasonable assumption – this brings the LTV down to 75% with the regular payments and overpayments and therefore hopefully it would make better deals available.
When my fixed deal ends should I
- Get the house re-valued and look at other mortgages available – what kind of cost is a revaluation?
- Would the current MP re-value the house if I stay on the SVR when the fixed deal ends?
- Any other options???
S
Scoops 

0
Comments
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If you apply to a different lender to remortgage then they will send out a surveyor to value the property. This, along with the outstanding balance will dictate the LTV%. The cost depends on the lender.
If you stay with your current lender they may have customer retention offers in which you can tie into another fix for however many years they offer. To get into the next LTV bracket though you'd normally have to pay for them to send out a surveyor, cost depends on the lender.0 -
You should investigate customer retention deals from your existing lender and remortgage options.
How each will value the property is different. Autmomated/indexed or internal inspection, often with the latter free of charge.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, 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. Please do not send PMs asking for one-to-one-advice, or representation.0 -
If I was on your situation I would be looking at the comparison sites with a figure of say 150k and comparing the arrangement and valuation fees. I would then apply for a remortgage either through a broker or myself using 180k as the valuation as they will send someone round who will determine what they/the lender thinks its worth. In my experience the mortgage provider you are currently with can never match what you can get by signing up as new customer with another MP, obviously there are fees to take into consideration but i've always found its always worth switching. Speak to your current MP but I suspect you will find better elsewhere.0
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If I was on your situation I would be looking at the comparison sites with a figure of say 150k and comparing the arrangement and valuation fees. I would then apply for a remortgage either through a broker or myself using 180k as the valuation as they will send someone round who will determine what they/the lender thinks its worth. In my experience the mortgage provider you are currently with can never match what you can get by signing up as new customer with another MP, obviously there are fees to take into consideration but i've always found its always worth switching. Speak to your current MP but I suspect you will find better elsewhere.
Depends entirely on which lender the OP is currently with; some will as you say 'penalise' clients by offering worse products to existing borrowers; some will offer the same products; and some even offer better rates to existing borrowers.I am a mortgage adviser.You should note that this site doesn't check my status as a Mortgage Adviser, 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.0 -
Mortgage_Mark wrote: »Depends entirely on which lender the OP is currently with; some will as you say 'penalise' clients by offering worse products to existing borrowers; some will offer the same products; and some even offer better rates to existing borrowers.
Which is why I said check around AND speak to their current MP0 -
Which is why I said check around AND speak to their current MP
Hmm...In my experience the mortgage provider you are currently with can never match what you can get by signing up as new customer with another MP
...is a bit misleading then.
Either way, we're on the same page.I am a mortgage adviser.You should note that this site doesn't check my status as a Mortgage Adviser, 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.0 -
You missed out the essential bit "Speak to your current MP but I suspect you will find better elsewhere.",. Its not really hard nor confusing is it, simply speak to your current MP to see what they offer and if its not as good (which usually it isn't) go elsewhere,simples.0
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I'd get it re-mortgaged. Ask everyone and see who gives you the best deal.SECRET OF SUCCESS IN LIFE:
Patience, patience & patience.0
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