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Re-mortgage and request new valuation?
djohnst
Posts: 39 Forumite
We bought our house for £265k in 2011 from a divorcing couple who needed to sell quick and were flexible on price to enable that. Our mortgage and LTV is based on that valuation.
In the past few months a number of near identical houses in our street and neighbouring ones have sold for £320-360k. We are due to re-mortgage in September - how do I approach a lender with a view to seeing if a valuation would bring us in line with these other houses and drive down the LTV?
Is this something a broker is better placed to assist with?
In the past few months a number of near identical houses in our street and neighbouring ones have sold for £320-360k. We are due to re-mortgage in September - how do I approach a lender with a view to seeing if a valuation would bring us in line with these other houses and drive down the LTV?
Is this something a broker is better placed to assist with?
0
Comments
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If you're switching lender, you simply apply for the relevant remortgage product based on what you think the LTV of the property is. The lender will then carry out a valuation and if their valuation comes back and matches yours, you'll be able to take out that product. If their valuation is different however and you fall into a different LTV bracket than you think, you will then need to chose a product relevant to your LTV as specified by the lender.0
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Brokers are always best placed to assist.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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.0 -
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