Should I get a re-valuation?

missis_amber

I purchased my property almost 4 years ago and my current mortgage LTV is 75%. A conservative estimate based on my research and three EA valuations two years ago is that if I was to get the property re-valued my LTV would drop to around 57%.


I am currently on a 3.15% fixed mortgage that ends Dec 2015. I was wondering when this time comes close whether I should get a re-valuation on the property or whether the cost of this plus any mortgage fees would cancel out any savings I make?


Help really appreciated!

missis_amber

And I assume that my ERC would only apply until Dec 2015, when my fixed rate ends?

andyfromotley

missis_amber wrote: »

And I assume that my ERC would only apply until Dec 2015, when my fixed rate ends?

You need to check your paperwork it will be on there. But you are almost certainly correct, i don't think there are any extended ERC's about anymore.

lucie_1985

You sound like you're in almost exactly the same position as I am. We bought two years ago with a Nationwide fixed 3.14%, a new build meaning we had to give 25% deposit, however London property prices have increased the value. We had an EA round last year who valued it high enough that we would get a lower rate if we switched.


Anyway I called Nationwide and that had already revalued the place themselves on the basis of their house prices index so that at the end of our term we will automatically go onto a 60% LTV mortgage without the need to have a valuation done. As the case is we are actually remortgaging to get a little of that value out whilst maintaining the equity for the lower rate.

missis_amber

I might ask my current provider (Natwest) if they'll do the same! Thank you.