Remortgage help with Nationwide 10yr fixed

bretts

Hi

I am with nationwide on fixed till june this year. I have just seen in the newspapers about there new 10yr fixed rates but its only with people with 40% deposit.
I am fairly new to re mortgaging so please ignore my stupid question.
My house was 225k when i bought it
I took a loan of 180k which at this moment its about 175k as it repayment
But the price of house is now about 300k, we took the house in a rundown condition.
A terraced house in my street is up for 295 and mine is end terrace and valuation as per zoopla is about 290k this is just looking at the market around me to get an idea of my current house price. A terraced house was sold for 280k a few months ago as well.
so if i remortgage the house do I get to about 60%LTV in my case as the house price has gone up?
Can I negotiate with the bank now to get the 10yr fixed rate I know I still have a few months left
Nationwide also offers free valuation to existing customers.
Just trying to keep things ready coz I definitely don't have another 20% of either 180k or 225k to pay to the bank to get upto 40 percent deposit but if bank values the house less than 290 I could put some money to get to 60 percent LTV
I am hoping I explained my situation.

amnblog

The lender will potentially revalue the house.


Please remember that taking a 10 year fix means you should be confident you do not expect a chance of circumstances in 10 years.


These product will carry an early redemption penalty for the full ten years with a 7% penalty initially.


If you need to move and change lender or downsize this can prove an expensive mistake.

bretts

Thanks for you reply
I definitely will move in a few years time as this house is small and not the ideal family home I would want, so I cant sort of sell the house or do anything if I go with this deal without paying a penalty?

TrickyDicky101

You *may* be able to port the rate to a new property thus avoiding the ERC. However, porting is not guaranteed so given you state you intend to move in a few years I would not be comfortable taking a 10 year fix now.