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Remortgage Valuation - close to LTV bands
Monkey2801
Posts: 38 Forumite
Hiya
We bought our first home last year and will be coming up to remortgage time in Q1 of 2019. We only had a 5% deposit at the time and got a really crap rate due to credit scores.
This time around our credit scores are completely clean (everything has dropped off due to the 6 year rule) and Zoopla estimate the house price has increased enough to push us into 88% LTV territory.
My question is: when looking for remortgage deals what house price valuation should I be using? (Houses on our street have sold recently but 4+ beds when ours is a 3.)
Surely as the actual valuation isnt until after an application is made, and if it were with a lender such as HSBC that doesn't lend less than 90%, would it be a waste of time for us to chance it and risk being rejected?
TIA, have never remortgaged before!
We bought our first home last year and will be coming up to remortgage time in Q1 of 2019. We only had a 5% deposit at the time and got a really crap rate due to credit scores.
This time around our credit scores are completely clean (everything has dropped off due to the 6 year rule) and Zoopla estimate the house price has increased enough to push us into 88% LTV territory.
My question is: when looking for remortgage deals what house price valuation should I be using? (Houses on our street have sold recently but 4+ beds when ours is a 3.)
Surely as the actual valuation isnt until after an application is made, and if it were with a lender such as HSBC that doesn't lend less than 90%, would it be a waste of time for us to chance it and risk being rejected?
TIA, have never remortgaged before!
0
Comments
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Remortgage valuations are generally more modest than what might be considered market values.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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.0 -
Ah okay. Thank you! Will start making my plan b then.0
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