Remortgage Question

Richie_C

I know this may be a silly question but in March our house is coming the end of our first fixed term. Now when the fixed is up we will be going with another fixed term mortgage.

My question is when I go on comparison websites and it asks for the current value of my house do I put in the value I paid for it 3 years ago or the market value that it is now?

Many Thanks,

Rich

chelseablue

Market value today

Richie_C

That's great because I'm guessing it means instead of being at a 87% mortgage I will have a better LTV? Thus leading to cheaper mortgages payments? Unless we knock years of the length of the mortgage. Is that correct?

MortgageMamma

Dependent upon if/by how much the property value has increased then you may get a better product. Probably best not to guess the value of your house, you could perhaps try to get one of those online valuations to give you a better estimate.

muhandis

If you want to avoid pie-in-the-sky valuations from local estate agents, this might help give a fair idea.

http://www.nationwide.co.uk/about/house-price-index/house-price-calculator

Richie_C wrote: »

I know this may be a silly question but in March our house is coming the end of our first fixed term. Now when the fixed is up we will be going with another fixed term mortgage.

My question is when I go on comparison websites and it asks for the current value of my house do I put in the value I paid for it 3 years ago or the market value that it is now?

Many Thanks,

Rich

not123

I would suggest to use NATIONWIDE HOUSE PRICE INDEX

chelseablue

That says mines gone up £28,000 since December :eek:

Joy_mate

Richie_C wrote: »

I know this may be a silly question but in March our house is coming the end of our first fixed term. Now when the fixed is up we will be going with another fixed term mortgage.

My question is when I go on comparison websites and it asks for the current value of my house do I put in the value I paid for it 3 years ago or the market value that it is now?

Many Thanks,

Rich

1. Fore remortgage you need to get current market value of your property.
2. Nationwide index is just fixed data input. i have managed with my remortgage process in June, nationwide showing way less than what I got valued originally. (Difference of £44k....which is unbelievable. I am still in shock for this valuation)
3. Use comparison site, but you must try some banks just to have an idea of proper process..do it at least 6-8 weeks before.
Remortgage process is easy and quick.