Remortgaging

markfj

Hi all

Just a quick one for people with more experience than myself

Myself and my brother own a flat 50/50. We were saving to buy another originally but now thinking of re mortgaging our current one to raise some equity.

We owe £74k on our existing flat, we havent had it valued as its been rented out as we speak, but we estimate between 140-155k

We are looking at buying another flat for around 150k

If we were to remortgage, is it advisable to have the estate agents value our property? Or is this just best left to the surveyors?

We have around 12k saved too we could either pay off the existing mortgage or put down on the new flat too

Thanks

iwanna

I'm close to completing on 2 remortgages (one BTL the other my home) and didn't bother wasting my or estate agents time. Have a look at these tools:
Halifax House Price Index
Nationwide House Price Index
Even check the estimated current values on Zoopla, MousePrice etc

I'm not an expert by any means, but both surveyors were happy with my estimates which were based pretty much on the average of the above tools.

markfj

Cheers for that,

I thought that might be the case, thought I would just ask first

Thanks