Halifax new deal

bell

Hi there.

I've been looking at the Halifax deals foe exisiting customers and went through their online system to see if I could remortgage onto a better deal.

Unfortunately my LTV% is sitting at 85.6% which just keeps me out of the favourable rates (my mortgage would go up to £25, instead of down £70).

I suspect the index-value is several thousand pound on the low side. The area I live has a wide range of prices for similar houses and I know my next door neighbour's house sold for about £6k more than mine in 2014 (ours is a little larger, though perhaps not as modern).

So, my question really is, if I were to go into branch is there anything they can do to override this indexed valuation or will I need to do one of the following?

1. Wait a few months, until I've paid enough, to get it under 85% (or the quarterly valuation raises the house value).
2. Pay off a small extra amount to bring the LTV down
3. Pay for a valuation.

I'm keen to fix for a couple of years as a rate rise is likely in about 12 months IMO and the extra saving would be good anyway.

I don't have a particularly good credit rating at present, so I suspect switching away might be fraught with problems.

Any experience of similar?

kingstreet

You can pay for a valuation.

£80 odd for a drive-by.

£130 off for an internal.

Choose based on how much internal work you've done since last valuation.

bell

£80 eh. That's not too bad.

Very little is the answer to internal work. I guess a drive-by is most sensible. Are they likely to increase the value similar (or higher) to that of my next door neighbour's in that case?

I paid £103,000 in 2007, so if it actually valued back a few grand north of the price I paid for it (not a crazy valuation IMO), my LTV would actually be under 75% (and get me even better deals).

Obviously I understand such questions are rather subjective.

Guess, I will pop in branch and see what they say though.