Where to get valuation for remortgage (& taking out equity)

catoutthebag

I have done very well on this property.:j 90% LTV to 75%.

catoutthebag

I'm delighted

Keezing

That's good news, well done!

catoutthebag

I am likely to stick with nationwide unless someone can advise otherwise

I am looking for 2yr fixed

Pros
- lots of products with them, including current account
- online banking means I see all that in one place
- no further checks I assume, good as I'm self employed (no income change)
- £250 cash back
- no £60 redemption fee for moving

The product I have offered
1.89%, £319 monthly
1.49%, £304 monthly, £999 fee

Which would be best, mathematically? 999/24= £41 per month extra, which I'd add to the debt.

Thinking the 1.89%.

Currently I'm on over 3% and paying £396, so nice saving

Other products were people like HSBC, Lloyd's etc which had monthly payments of 299-304£, but hefty fees from 749-999 etc, so no point

Keezing

catoutthebag wrote: »

I am likely to stick with nationwide unless someone can advise otherwise

I am looking for 2yr fixed

Pros
- lots of products with them, including current account
- online banking means I see all that in one place
- no further checks I assume, good as I'm self employed (no income change)
- £250 cash back
- no £60 redemption fee for moving

The product I have offered
1.89%, £319 monthly
1.49%, £304 monthly, £999 fee

Which would be best, mathematically? 999/24= £41 per month extra, which I'd add to the debt.

Thinking the 1.89%.

Currently I'm on over 3% and paying £396, so nice saving

Other products were people like HSBC, Lloyd's etc which had monthly payments of 299-304£, but hefty fees from 749-999 etc, so no point

I haven't got time to do that maths right now, but I can tell you that if you add the fee to the mortgage you'll pay the fee (and interest on the fee) for the remainder of your full mortgage term (not the 24 months you calculated)

The increase in your monthly payment will therefore be very small, but over the next 20 odd years you'll end up paying more back due to the interest.

You may still find that the reduced interest rate means you'll be better off adding the fee to the mortgage.

aahbarnes

Using your equity to buy a car is a very expensive way of financing.

catoutthebag

Keezing wrote: »

I haven't got time to do that maths right now, but I can tell you that if you add the fee to the mortgage you'll pay the fee (and interest on the fee) for the remainder of your full mortgage term (not the 24 months you calculated)

The increase in your monthly payment will therefore be very small, but over the next 20 odd years you'll end up paying more back due to the interest.

You may still find that the reduced interest rate means you'll be better off adding the fee to the mortgage.

Ye I'm not keen on paying that 999 forever...Going down the 1.89% path I think...Have a telephone consultant with nationwide tomorrow to finalise