Remortgage in 12 months - valuation?

Soph1988

Hi all,

We are currently 12 months into a 2 year fixed deal which we took out at 95% LTV.

My first question is when we should start the process of liking for a remortgage? How long does it normally take from start to finish? We would like the avoid going over to the SVR.

We will also have undertaken a lot of work bringing the house up to a more modern standard and 2 local houses of similar layout have recently sold for 185k and the other 180k. We paid 156k. Obviously if our house I valued at the upper of the two our LTV will be far better than 95%, opening up better fixed deals for us.

How do we get a valuation on our house that will show us it’s worth so we know what LTV deals to look at? Is estate agent sale quotes a good reflection?

LRmortgage

Most lenders offers are valid for between 3 & 6 months. So start the process with plenty of time, I would say at least 3 months before your fix ends.

Valuers will certainly take into account recent sales prices of similar and nearby properties so a) look at recent sold prices on a site like Zoopla and b) get a local agent in to give you a sales valuation. The agents sales valuation is likely to be on the higher side of reality, so take that into account when telling your new lender what you think the value is.

Soph1988

Thank you!

getmore4less

start with your lenders retention offers.

Two years of payments should have you under £140k 90% LTV on what you paid.

a bit of indexed rise might get you under 85% maybe 80% with a decent valuation.

what is the sweet spot for your current lender?