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Will Natwest re-value property at end of deal?
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turtlemoose
Posts: 1,681 Forumite
I notice that Nationwide make assumptions on my mortgage with them to increase/decrease the value of the property if I want to change products, eg at the end of a fixed rate, or for addtional borrowing. They even have a calculator for it here.
Does anyone know if Natwest do the same?
I see from my online mortgage account there is an option to request a valuation, but I am presuming this would then trigger my move-to-a-retention-product-easily-online to have to be an application needing affordability checks (which I'd like to avoid if possible).
Does anyone know if Natwest do the same?
I see from my online mortgage account there is an option to request a valuation, but I am presuming this would then trigger my move-to-a-retention-product-easily-online to have to be an application needing affordability checks (which I'd like to avoid if possible).
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It has just occurred to me that perhaps Natwest would be best placed to answer this
In case anyone is interested in the answer, it's NO, they don't recalculate. As it stands right now, you can have a valuation done (at £248 for up to £250k property atm) and it won't trigger affordability checks.0 -
Thank you! That's very relevant to us as we're about to take out a NatWest HTB 95% mortgage and would hopefully like to get onto a 90% one when the fixed rate ends for obvious reasons!0
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Natwest in the subject but Nationwide in the message.0
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Landofwood wrote: »Natwest in the subject but Nationwide in the message.
Clearly you didn't read the entire post - there was no ambiguity.0 -
TrickyDicky101 wrote: »Clearly you didn't read the entire post - there was no ambiguity.
Indeed, apologies.0 -
Nationwide has a monthly-filed House Prices Index, as does Halifax.
NatWest/RBS doesn't.
That may clarify the differences.
FWIW you will normally be allowed to pay for an internal inspection if you aren't happy with the "indexed valuation" regardless of lender concerned.
However, you should ask your lender for clarification.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 -
The indexed val with halifax seems pretty generous. Going by my valuation from a year ago, things have really gone up. Obviously, being an average for (Greater) London at least, it is very distorted - in my favour as it happens but quite a bit off the mark.
In short, do with the index for a new product, but not for sale price in London.0
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