First time remortgager

edited 30 November -1 at 1:00AM in Mortgages & Endowments
5 replies 909 views
jonnywrightjonnywright Forumite
44 Posts
edited 30 November -1 at 1:00AM in Mortgages & Endowments
So me and the (now) wife are about to remortgage for the first time. When we first got this place we had a lot of help with the mortgage from advisers, family etc as it was all new to us - now it's time for us to go alone!

I've been shopping and seen some good looking deals but want some clarification on something. In the past when I have had a personal loan, it may have been advertised at X% but when I applied / was approved it was at a higher rate than advertised due to whatever other factors. Is this the same for mortgages, or are is it generally the rate you see is the rate you get?

Thanks

Replies

  • nic_cnic_c Forumite
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    WYSIWYG your mortgage offer wil give the rate, which will be based on what LTV band you are in.

    Loans often say "typical APR" i.e. what their best customers get, some may get higher.
  • amnblogamnblog Forumite
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    now it's time for us to go alone!

    Your choice.

    You can still get advice if you wish.
    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.
  • nic_cnic_c Forumite
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    amnblog wrote: »
    Your choice.

    You can still get advice if you wish.
    My advisor has said he will be back in touch just before our promo rate runs out. Thought that would be normal, or maybe OP didn't like their initial advisor.
  • PBAPBA Forumite
    1.5K Posts
    Generally banks offer fixed pricing on mortgages (I have only heard a rumour of one bank that offers different rates for different credit scores). The only reason a rate would change on most mortgages is if the bank downvalues your property.
  • Sorry I wasn't clear - I understand we can still get advice, but I think it's time we at least learned a bit ourselves so we aren't solely reliant on other people's advice. We can make our own decision based on other people's opinions. Thanks for all the responses so far.

    Additionally, how is the best way to get the property valued (for LTV rate)? We have had some work done so would like to think the value has increased but can we get a reliable valuation with anyone other than the mortgage provider, such as a local estate agent?

    Thanks
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