Remortgaging worry

lfearnley1

Hi, I'm hoping to remortgage this year as I've finally managed to get clear of terrible debts which my bully of an ex husband left me with. I'm paying interest only at the min and want to get a repayment deal instead. In 2015, I had the house valued at £160, 000.

I'd paid £135,000 for the house. I therefore had in mind that I might be able to get a reasonable LTV for a remortgage and had been working on this figure for saving. The last house on our street is owned by the local authority, it is virtually the only remaining LA house left as the area is quite sought after. The tenants have become embroiled in some kind of dispute and the windows have all been smashed (this happened twice last year).

Sadly, the only remaining tenant is an older woman and it appears that the issue may be with her son, who does not live in the area. The woman has decided not to replace the windows and since October 2016, the entire front windows of the house have been boarded up, she doesn't see the need as she doesn't own the house anyway. The adjoining house has now been up for sale at £150,000 and has not sold, it is a bargain for the area and has had a lot of renovations done to it. The house was left in a will and has been rented out until recently.

My concern is that if the adjoining house is not selling, which I'd imaging is linked to the house next door having smashed windows, it will affect the valuation of my house if I come to remortgage. Please don't think me callous, but I have worked really hard to keep this house going and it seems really unfair that this could cost me thousands or even cost me a remortgage at all, the smashed window family have somewhat of a reputation locally and being a single parent, with two little kids I'd rather avoid getting my windows smashed too.

Would there be anything that I could do legally? Or even through the council? It doesn't seem fair that people who have cost the state thousands are allowed to spoil the chances of hard working tax payers.

Thanks if there are any ideas or guidance

AnotherJoe

I can't help on your problem because I didn't read this as it's an impenetrable slab of text.

Try paragraphs to help make your words more accessible.

lfearnley1

I'll edit it, as an inexperienced poster and with a problem that is worrying me I didn't think about presentation

amnblog

You won't know what your mortgage value will be, or if the local properties affect it until you try.

Many lenders offer free valuation so it won't cost you anything. Often for lower loan to values no one visits and the value is assessed via databases of local information.

getmore4less

whats your current mortgage deal?

you seem to have missed that from the post.

if on interest only you can probably DIY a repayment with overpayments.

AFF8879

Mortgage valuations are very basic. One house on the street with smashed windows shouldn't affect it if its otherwise a desirable/sought after area which you seem to suggest. I wouldn't worry, personally.

Thrugelmir

lfearnley1 wrote: »

I'm paying interest only at the min and want to get a repayment deal instead.

In the interim there's nothing stopping you making overpayments on your existing interest only mortgage. Thereby making it a repayment one.

Without getting the property valued your current lender could appraise your ability to switch onto a repayment basis.

Who is your current lender as this could make a difference.

xyz123

Good luck with ur search but I see you mentioned you had house valued at 160,000.if that was done by Estate agent please be prepared to accept that mortgage company may or may not reach the same valuation and it may as well be lower. Estate agents have clear interest in valuing the property higher while banks need to manage their risks so they r not always so optimistic. Also banks usually don't accept any arguments for "improvements" adding value to the house.

Boredatwrork

On a positive note, please remember even if you wind up sticking on your IO mortgage for now, that doesn’t stop you making over payments and paying off the debt (as if it was a repayment mortgage).
I assume obviously paying off the house is your potential aim.