Remortgage- house value increase

junebug87

We're due our first remortgage in June and have gone through a whole of market mortgage advisor to find the best deal.
The paperwork has come through for the new rate and I've noticed they valued the property higher than we did when applying for a new mortgage.
Is this normal or should I redo my remortgage request using this new house value? Does the valuation just depend on the lender?

Details:
House bought for £235k in 2016
Mortgage: 3 yr fixed rate, 85% LTV, 2.4% interest
Our valuation (based on other house sales in the area) £245k
Remortgage house valuation: £258.5k
New mortgage: 2.05% 3 yr fixed

mdori003

Not unless it changes your LTV to a different threshold with better offers, otherwise I wouldn't worry about it, seems fairly competitive.

junebug87

Ahh okay, makes sense. It takes me from 74.8% to 70.6% so not quite enough of a difference.

Thanks for the reply ��

logie48

If it takes you to 70.6%, you could in theory push the boat out to get a 70% LTV rate. You've only 0.6% to make up. I'll let you do the sums.

mdori003

1552 quid (if my maths is alright) to overpay IF you have it and IF there are big savings to be had at less than 70% LTV, plus you obviously have a slightly smaller mortgage with less compound interest. There is a chance that there won't be a better rate though.