northern rock mortgage!

cpb23

Hello there

I purchased my property in august 2007 (£114500) with a 103% mortgage from northern rock, the first 18 months was interest only and then we moved to capital repayments. We now owe 95000 and the house is worth roughly £120000 (we have not had a valuation, but that's going on other houses in the estate we live) we have used online free valuations which say it's worth 85000 but 2 bed flats in the street sell for that :-) I'm after some advice please as to weather a remortgage is worth looking into.

Many thanks

Thrugelmir

I wouldn't read too much into online valuations.

Remortgaging normally costs money. Legals, valuation and possibly product fees. So any switch of mortgage needs to cover these costs to make it worthwhile.