LTV % question

bcfclee27

My mortgage is due for renewal this December and just wondered how I calculate my ltv.
I take it I would need to get an estate agent in to value the house.
Would I also need to ring the current lender and ask them what my loan amount will be at the end of the mortgage term or would they just give a current remaining balance ?
The waters are muddied slightly as have been overpaying.

Many thanks
Lee

lucie_1985

An estate agent's valuation can give you a guide but I doubt a lender would give it any credence - there's a conflict of interest as the estate agent is enticing you to sell so will value up, a mortgage valuer wants to ensure that if you default that the debt can be repaid on sale.


I'm not sure about other lenders but Nationwide who is my provider produce their own house prices study and will have already benchmarked and revalued your house on this basis. Give them a call and they should be able to let you know how much is left to repay and possibly their own desktop valuation. As I understand it a formal revaluation is only required if you intend to borrow more or you are switching providers.

lucie_1985

Re your 2nd query they'd probably only give your current remaining balance but you could make a reasonably accurate calculation given that together with the overpayments you intend to make.