Product transfer with existing lender questions

anna42hmr

Can any one help with this one, as I am trying to plan ahead for next year when my mortgage fix is up.

If I decide to do a product transfer with my existing mortgage provider (TSB). How do they work out the loan to value/value the property.

how do they work out the loan to value at the end of the fix, is it on the original value placed at purchase or would they re-value it.

If it is revalued, how would they do this for a product transfer, would it be a "desk top" value so to speak or would it be an physical valuation.

I have over paid the mortgage by this years allowed 10%. I plan to over pay some more from January (but will be less than the 10%). If it's based on the original valuation placed, would they take the ltv from what should have been paid back, or what actually has been paid back (I,e. Take into account the mortgage debt is lower than it would have been due to the over payments).

Also due to overpayments made and those I hope to do between January and the fix end, I may be close to the next loan to value bracket down. Would the bank be able to tell me closer to the time exactly what LTV there is so that I can bring it down to that bracket or would they only be able to say at point when I change to the new fix.

anna42hmr

Can any one help?

abundantia

See in bolded text.

anna42hmr wrote: »

Can any one help with this one, as I am trying to plan ahead for next year when my mortgage fix is up.

If I decide to do a product transfer with my existing mortgage provider (TSB). How do they work out the loan to value/value the property.

how do they work out the loan to value at the end of the fix, is it on the original value placed at purchase or would they re-value it. it will be re-valued.

If it is revalued, how would they do this for a product transfer, would it be a "desk top" value so to speak or would it be an physical valuation. based on desktop valuation. if you're not happy with it, then you can pay for a real valuation.

I have over paid the mortgage by this years allowed 10%. I plan to over pay some more from January (but will be less than the 10%). If it's based on the original valuation placed, would they take the ltv from what should have been paid back, or what actually has been paid back (I,e. Take into account the mortgage debt is lower than it would have been due to the over payments). the LTV is calculated using outstanding/remaining mortgage balance divided by the new value of the property

Also due to overpayments made and those I hope to do between January and the fix end, I may be close to the next loan to value bracket down. Would the bank be able to tell me closer to the time exactly what LTV there is so that I can bring it down to that bracket or would they only be able to say at point when I change to the new fix. yes they will tell you what the LTV is and you can bring it down

anna42hmr

abundantia wrote: »

See in bolded text.

Thanks for your help, I appreciate it.

Soot2006

I just need remortgage with same lender -- I estimated the current value based on recent sales. Guy on the phone said they would essentially do the same thing to double check and everything went through easily:)

anna42hmr

Soot2006 wrote: »

I just need remortgage with same lender -- I estimated the current value based on recent sales. Guy on the phone said they would essentially do the same thing to double check and everything went through easily:)

Thanks, that's reassuring, hopefully mine will go smoothly too next year.