remortgage help

deadlyleadly

hi
i am just looking to remortgage as im about to enter the final year of a 5 year fixed rate mortgage (rate is terrible), ive done the sums based on the ERC and its should be a good decision, my only questions are:-

1) at what point does the remortgage becoming binding? i.e. if my new lenders valuation shows my property is worth less than i paid could they up the remortgage rate as my LTV rate would have decreased?

2) similar to above but the opposite, ive done my remortgage estimates based on what my property was worth when i bought it what if its gone up? will i get a better remortgage deal after valuation?

thanks for any advice

Thrugelmir

Have you factored in all the costs involved in remortgaging?

Mortgage exit fee, product fee, legal fees and valuations fees?


Nothing is binding until the transaction is finalised. If you pay up front costs at the point of mortgage application then these won't be reimbursed.

deadlyleadly

yes i factored them in and based on assuming my property is worth today what is was 4.5 years ago financially it seems the right thing to pay the ERC, m just wondering what happens when then new lebder does a valuation, if if goes down does that mean i would lose any remortgage fees id paid by that satge but could still cancel?

Thrugelmir

deadlyleadly wrote: »

if if goes down does that mean i would lose any remortgage fees id paid by that satge but could still cancel?

You can stop proceeding and lose any monies paid to date.