New mortgage deal question

lawriejones1

Probably a stupid question, but advice appreciated!

2yr Nationwide deal finishing, can't be bothered to shop around so willing to stay with Nationwide.

House purchased for £190,000' currently owe £156,000 over 23yrs (80%) LTV or thereabouts.

House is now worth about £225,000.

Will Nationwide revalue and base my mortgage on a new LTV figure, or the finances of my new deal. Makes a reasonable difference in rates, but not worth the hassle of a full remortgage.

Answers on a postcard, please!

lee111s

Some lenders will allow you to pay for a new valuation. Failing that they'll base their valuation of your home based on the house price index for your area that's on their computer system.

All of the information will no doubt be on their website.

Thrugelmir

lawriejones1 wrote: »

Answers on a postcard, please!

Ring them.

Then you've a base point on which to base any decision. Rather than dismissing them all out of hand.

forgotmyname

bumped to hide spam.

lawriejones1

Thanks all. I've dutifully checked the website and just don't have the time to ring during working hours.

My budgeting brain is currently calculating Christmas costs, so I'll ring them after Christmas and get cracking.

Thanks all!

amnblog

This is what Nationwide use.


http://www.nationwide.co.uk/about/house-price-index/house-price-calculator


I don't know your purchase date but I suspect your valuation will come in at around £218,000.


Please note that you cannot set 'Valuation Quarter 2' to a date ahead, nor the current quarter. If you do the calculator does not work.


If you dispute the automatic valuation you can 'upgrade' to a full valuation and pay Nationwide the appropriate fee.

lawriejones1

Thanks for the advice, I had searched around a lot on the site and couldn't find anything! That's really useful.