House Value after 2 years

Fintrie1970

Hi all.

A few months ago I took out a mortgage for a house and I remember at the time, speaking to advisers about this all important LTV value. The lower the value the better the mortgage rate we could get. We scraped our savings together and managed a 85% LTV and obtained a 2 year fixed mortgage. Speaking to the adviser he said after 2 years we'd have paid off some of the mortgage and maybe our house price would go up and therefore this LTV would drop even lower.

Now I am wondering, in 2 years I go to secure a new mortgage deal and I have indeed paid off some of the amount. How do then know the new value of my home? Do I have to pay for a survey? Or is there a figure out there I can find?

Any clarification would be much appreciated?

Long time appreciator of the MSE site and Forum. First time poster.

ACG

A surveyor will value the property.
Most remortgages include free valuations.

Fintrie1970

Ok. Thanks. I didn't realise that.

dimbo61

We recently remortgaged our home and the lender did not sent out a surveyor but simply revalued the property working from recent sales.
We were under 40% LTV

amnblog

The UK index over the past 2 years is about 14% which would make a 85% LTV mortgage in 2013 a sub 75% LTV mortgage in most parts of the Country.

Thrugelmir

First port of call is to ask your existing lender what they can offer you.

densol_2

Im with the Nationwide and when I took a new product at the end of my fixed - they used their own " house price calculator " to work out the new value. I was already under 60% anyway so no real difference but it could make a difference if you are on the higher LTV's

Halifax also do a calculator. Theirs historically has always been a little more conservative - and I wouldnt take what either say too seriously as its general area based - not specific with local road comparators like a valuer would use ..... But it gives a general idea