Help to choose best rate for remortgage

Joy_mate

hello everyone.
my first mortgage term is about to finish, looking for remortgage to release some equity.
Need some help.
which are the best lenders for remortgaging the new build flat on fixed for 2 -3 years term.
confusion over banks or building society? any lender who can value high for my new build flat so i can have more equity release or possibly low band interest rate??
any particular lender to look at with very low interest rates and low fees.
LTV 75-80%
anyone of you have taken out mortgage recently?? please comment..
many thanks
Joy

AnotherJoe

I believe there is a "best buy" mortgage section in here? Try looking under the "mortgages" tab up above.

Joy_mate

Thanks anotherJoe. Best buy section shows co-op rate on top, but i doubt that co-op has good track record in valuation and application process?? anyone has recent experience with co-op or any other building society????

ACG

Why do you doubt it? The co-op have been lending for years.

The valuation is not carried out by the lender, it is usually carried out by Countrywide, eserv or Connells. Take a look on something like Zoopla for similar properties in your area that have sold recently and it will give you a good idea of what it will come out at, thats all a surveyor will do. Where they are new build flats, you would imagine they will be more or less the same as the state of the building will more or less be the same.

Spangled

You seem to be asking for a number of things:

Borrowing more (although you don't say what for - home improvements? consolidate debts?)
A lender that will lend on new build flats (not all will)
A lender that will value your property high (see ACG's response)
Very low interest rates AND low fees (it's rare to get these two together - you usually pay a high fee to get the lowest rate)

I'd get a broker on the case...

Joy_mate

thank you ACG and spangled too.
I need equity release just for future purchase of big house. I understand the interest rate and fees never been in favour for us.

ACG

What do you plan on doing with the current place?

Joy_mate

I will stay at current place for one more term of 2 years and than on renewal i will find the big place, where i can use the equity going to be release currently. Also do i need solicitor for remortgaging or can i approach straight to lender now.

ACG

Why would you do that? That means you are paying interest on a large amount of money for 2 years.

When you come to sell the property you will get the money out of it then.

Joy_mate

indeed its wise thing to do..but there is lot more chance to sell out this property before the end of term, so i am also looking for rate with no early repayment like coventry is providing and to keep this as buy to let property..
thanks