Yet another house downvalued by countrywide surveyors

class2ldn

Well what do you suggest then?
If their value could have a negative impact in the future then I'd rather look elsewhere but the broker doesn't think it will.
I'm just surprised how jumping from 79% to 85% had only raised it £5.43.
Just trying to find out what implications the valuation could have?

getmore4less

the real difference is how much you owe in the future the higher the rate the payment goes up but you owe more at the end of the same period.

the important thing is the rate.

different lenders have different break point where there rates get much better

With Nationwide(2y fix no fee rates),
95% 4.04%
90% 2.39%
85% 1.89%
80% 1.84%
75% 1.75%
70% 1.74%
65% 1.74%

you got lucky NW have a small differential at 80%-85%

on £225k over 25years after 2 years

£225k @ 1.89% £941.67pm £210,646
£225k @ 1.84% £936.24pm £210,557

make them both the same at £942 and see what's left.

£225k @ 1.89% £942pm £210,639
£225k @ 1.84% £942pm £210,416

this is costing you £223 over 2 years.

Although you should be taking the 1.49% rate with the £999 fee


Not sure why all the fuss Halifax don't do 80% rates, theirs are 75% and 85%

class2ldn

Well our current rate is 3.99 as we are now on Halifax's variable rate, you're right we are lucky with nationwide being only a very small jump at our ltv, even with the lower valuation we are still saving money each month.
So you think take the 1.49% rate, what would it cost if we added the fee to the mortgage?
On this tracker we also get £500 cashback.
Our current monthly payments are 1108 so to drop to 859 is still a very big saving each month.
We are doing it over 28 years
According to the mse calculator we would save £20 each year with the 1.49% and I believe with the 265 valuation it's costing us £70 a year extra

getmore4less

Fee no fee. both come with the same cash back so can ignore that.

I think you are looking at 2 options
1.49%+£999
1.89%+£0

If you are paying £859pm on £225k you break even after adding the fee and taking the lower rate at 14 months.

class2ldn

224k we are doing it on

getmore4less

Close enough, makes no difference to break even period.

what breakeven means is that for the same payment you will have paid off the fee and owe a bit less than the higher rate with no fee, every month after there is a saving, on your mortgage about £70pm

class2ldn

Well we will be looking to move within the next 12 months anyway I think, very unlikely we'd be here after 14 months tbh

caronoel

brit1234 wrote: »

However house prices can go up and down. We had a housing bubble in London and the South East which has ended, prices are falling. The transactions levels have collapsed. Wages are falling and we have a whole market bumped up on cheap credit to stop it crashing.

Oh brit, we have missed your fantastic predictions ofthe sky falling in.

How has your prediction from a few years ago of house prices falling by 50% fared?

:rotfl::rotfl::rotfl:

questing_lynx

This firm really does employ clowns (whether you like the term or not)
A surveyor under their employ surveyed my house and in the report he put several untruths or if you want to be exact - downright lies. I have asked for an explanation from them but, hey, what is the chance of that??
RICS next!

davidmcn

questing_lynx wrote: »

This firm really does employ clowns (whether you like the term or not)
A surveyor under their employ surveyed my house and in the report he put several untruths or if you want to be exact - downright lies. I have asked for an explanation from them but, hey, what is the chance of that??
RICS next!

Was it a survey they were doing for you or for somebody else? You can't exactly do much about it if you weren't the client.