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Remortgage time but house value has dropped, according to zoopla
johan46
Posts: 26 Forumite
I bought a house in London on 85% LTV on October 2017, while the prices had peaked.
Now the 2 years fixed term is coming to an end, so getting ready to remortgage.
According to the zoopla estimate (which understand may not be very reliable), the house value has dropped an amazing 7.3% compared to when I bought it
How to go about remortgaging? I mean, process wise.
Do I fill in in all forms the 'current value' as the value I originally bought the house at, and leave it up to them to decline if they believe the value has dropped?
This can make a huge difference, because if the valueation is the same as the house price 2 years ago, I'll just add a few extra funds and go for a 75%LTV mortgage.
However if the value has dropped as much as zoopla says, i may have to pump in money just to stay at 80% or even 85% LTV!
Should I get an external valuation, before I remortgage, is it worth it?
Are people being refused the LTV they aim for these days? At which point in the process such refusal comes about?
Now the 2 years fixed term is coming to an end, so getting ready to remortgage.
According to the zoopla estimate (which understand may not be very reliable), the house value has dropped an amazing 7.3% compared to when I bought it
How to go about remortgaging? I mean, process wise.
Do I fill in in all forms the 'current value' as the value I originally bought the house at, and leave it up to them to decline if they believe the value has dropped?
This can make a huge difference, because if the valueation is the same as the house price 2 years ago, I'll just add a few extra funds and go for a 75%LTV mortgage.
However if the value has dropped as much as zoopla says, i may have to pump in money just to stay at 80% or even 85% LTV!
Should I get an external valuation, before I remortgage, is it worth it?
Are people being refused the LTV they aim for these days? At which point in the process such refusal comes about?
0
Comments
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Start with your own lenders retention deals.
See what they will give you.0 -
Most lenders offer remortgage products with a free valuation.
You have nothing to lose by applying and putting an estimated value that reflects recent sales and not what Zoopla thinks which is mostly !!!!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
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