Mortgage Renewal

sandman978

Hi
I was wondering if I could ask some advice

My current fixed rate is up for renewal and in the 5 years I have owned the house it has increased.

I have had my renewal through and if I look at sold prices and current prices in my area (an estate with very similar style houses) if I value my house by 11-15K under these prices I should be around 75% LTV.
My mortgage company disagrees and believes my value is around 78% from a 'desk' valuation. They will do a free physical valuation of my property.
Between the two LTV products if I achieve 75% as opposed to 80% (well 78) I save .2%, taking the mortgage over 5 years it adds up.

My question is should I delay and risk potentially losing the 80% product (if they change products) but get the valuation or just stick with what they have offered?

In situations like this how likely is it that the valuer will just stick with their 'desk' valuation?

thanks for any help!

ACG

Based on what you have said, I am wondering if there is a risk. There appears to be a £10-15k buffer so even if it does come back down valued, you are unlikely to go above 80% LTV.

Although you could maybe see what other lenders will offer you and have a valuation done with them?

sandman978

Thanks for the reply

There are no product fees or valuation fees renewing with this lender, all others I have looked at so far I am looking at 1-2k in fees etc. However if they put me on the higher interest product the difference between the two lenders I would break even within two years

If I have their free physical valuation and it comes back at say 80% LTV for example, is there a chance their products could have changed and their 80% LTV product gone up in interest or is it now they have offered me it at this rate that is valid for x days?