We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Mortgage question
bmthmark
Posts: 297 Forumite
Hi
I purchased my property 2 years ago for approx £240k. It was a 2 bed property and need lots of work and I spent £50k on it and it now a large 3 bed room property.
Similar properties down the same road have recently sold for £330k
When I got the mortgage (approx £215k) 2 years ago, the deposit was fairly low (approx £25k) so I don't think we got the best interest rates.
The 2 year fixed rate is finishing soon. Am I correct in thinking that because the property is worth more (subject to a valuation) and I owe slightly less, I could get a better interest rate?
Do I simply contact the lender and say we have done a lot of work and we believe the property is worth x amount?
Thank you
I purchased my property 2 years ago for approx £240k. It was a 2 bed property and need lots of work and I spent £50k on it and it now a large 3 bed room property.
Similar properties down the same road have recently sold for £330k
When I got the mortgage (approx £215k) 2 years ago, the deposit was fairly low (approx £25k) so I don't think we got the best interest rates.
The 2 year fixed rate is finishing soon. Am I correct in thinking that because the property is worth more (subject to a valuation) and I owe slightly less, I could get a better interest rate?
Do I simply contact the lender and say we have done a lot of work and we believe the property is worth x amount?
Thank you
0
Comments
-
Yes. But why stay with the lender when you could get a better rate elsewhere.
Given you are wanting a change in valuation it will be a full application so go to a broker and find the best you can.0 -
Thank you. I never really thought about changing lender, I naively thought it was best to just stay with the same lender.
I will look in to this in more depth0 -
Ask your current lender about customer retention products and consider a remortgage to a new lender as well.
The two are not mutually exclusive.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 353.4K Banking & Borrowing
- 254.1K Reduce Debt & Boost Income
- 455K Spending & Discounts
- 246.5K Work, Benefits & Business
- 602.8K Mortgages, Homes & Bills
- 178K Life & Family
- 260.5K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards