2 Year fixed ending.

bretts

Hi

I am in the process of remortgaging, my situation is exactly what it was two years ago when I took my first mortgage.

Stats

House value 225k now similar houses going for around 310k, it was rundown property so i added value to it as well.
Present mortgage 175k outstanding

I am thinking of going for 5 years fixed.

I am getting a better deal from another bank but it is only .05% cheaper on 5 year fixed.
My situation will not change and I do not plan to leave the house in the next 5 years for sure. If anything I am slowly going to build it to add more value.
Please can you suggest what should i do, just doing it with same bank will be easier to delay and avoid hassles or should I switch. Also I was checking the house valuation calculator on nationwide and since we are only 2 days away from q2 2015 should I wait this time out as well to get a better and more accurate reading.

dimbo61

MMR has happened in the last 2 years!
How are you going to pay for the Building work ?
What 5 year deals has your current lender offered you?
LTV has gone from 80% £50,000 deposit to 60% in 2 years???
Your house has increased in value by nearly 40% in just 2 years ( WELL DONE)

bretts

dimbo61 wrote: »

MMR has happened in the last 2 years!
How are you going to pay for the Building work ?
What 5 year deals has your current lender offered you?
LTV has gone from 80% £50,000 deposit to 60% in 2 years???
Your house has increased in value by nearly 40% in just 2 years ( WELL DONE)

I do not need to borrow more, I do most of the work on my own and little works at a time so it does not really cost me a fortune, i am not good with diy but I do something or the other. I renovated the property completely hence the increase in price.
I am getting 2.39 from nationwide.

Landofwood

Have nationwide re-valued your property to your expectations?

bretts

No they have not but I have checked a lot around and if I am being very conservative, I still get to 60% LTV, if not then I can make up for it as I have savings as well to get it to 60% as anything above is slightly higher rate of interest. I have checked zoopla estimate and know the local area how much are they going for. I am basing my calculations on that. Zoopla gives me an estimate of 310k and nearby properties have been sold for 280k which is terraced and mine is same street but semi detached. I am trying to get more importantly to 60%LTV which I am sure I will get either after just valuation or by paying some extra to get there.

bretts

I spoke with the bank yesterday and they have told me that my LTV is 59% as per them, I have a call with there mortgage guys today. What would they normally go through, any ideas as this is my first time. They also told me it will be a 2 hour call, does it actually take that long?

ispookie666

bretts wrote: »

I spoke with the bank yesterday and they have told me that my LTV is 59% as per them, I have a call with there mortgage guys today. What would they normally go through, any ideas as this is my first time. They also told me it will be a 2 hour call, does it actually take that long?

Hi, its fantastic that your house value has increased.

Any idea when we switch to a new deal with the same bank, they automatically adjust the house value and then calculate the LTV.

I have a long way to go before my current fix comes to an end.

bretts

Hi

Yes that's what they do, they tell you this is what they think the house is worth now.

I did not want to go through the hassles so i re mortgaged with same bank for a better rate.