Changing Deals with Lender

NOVAMET21

Hi


My mortgage fixed rate comes to an end at the beginning of next year. So I have a choice of changing the deal with the same lender or re-mortgage with a different lender.


I want to know when transferring into a new deal with the same lender, do they take into account of the change of valuation of the property since 2 years ago which makes a huge difference to the LTV and affects the interest rate we get?

kingstreet

Possibly.

Depends on lender concerned.

nirajn123

Halifax certainly did for me in the same situation. If your bank is different it is good idea to just ask the advisor you have dealt with previously.

NOVAMET21

My lender is Santander. Just wondering how they calculate the value of the house when we can transfer into a new deal online in just few minutes. Do they have a built in system which automatically provides the valuation of each customer's property when they try to change the deal online?

NOVAMET21

Any one have any idea how it works?

nirajn123

Lenders usually have their preferred house price index as a reference for the current value of the property, and they are able to automatically calculate 'their' view of LTV, you can always ask for a fresh valuation (when a survey will be undertaken) if you have had some work done for example.

lucy_scragg

I am with Santander also and looking to re mortgage. I do not have a good credit rating and was wondering how much this is taken into account.