First time remortgage

Cheetah

So I'm coming to the end of my fixed term.

I called up my current provider to ask what they would be offering. They said they can offer 2yr fix at 1.49% based on a 74% LTV. This would equate to £1,400/month for the term + £1,000 fees.

I have £330,000 left on the mortgage. They said they were using the "house price index" (or something like that) to value the property.

Presumably if I was to switch providers, they would do an actual valuation which would result in a much higher LTV I expect which would result in me "paying more"

My question is, I've made a load of statements above, do they make sense? Should I just take my current provider up on their offer?

Thrugelmir

Run your circumstances past a broker. There will be alternative options.

phillw

Cheetah wrote: »

I have £330,000 left on the mortgage. They said they were using the "house price index" (or something like that) to value the property.

Presumably if I was to switch providers, they would do an actual valuation which would result in a much higher LTV I expect which would result in me "paying more"

Similar houses in my street are selling for much more than what the nationwide house price calculator is currently predicting for mine. You might get a better LTV.

What does zoopla say for your house? http://www.zoopla.co.uk/house-prices/ That is probably more accurate.

Cheetah

I recently had it valued for the purpose a lease extension and it was valued much lower. I would be above 85% LTV.

phillw

Cheetah wrote: »

I recently had it valued for the purpose a lease extension and it was valued much lower. I would be above 85% LTV.

How does zoopla compare to that?

A mortgage adviser will know which companies actually value properties and which ones just check recent sales and do a drive by.