Remortgage

declan199210

Hi,

Bit of background here.

Got our property nearly 2 years ago @ £123k. On a 85% LTV.

coming to the end of our 2 year fixed soon and will owe around £101k ish. 

Now, there’s been several sales on our road and we had our house valued at £145k.

now when we come to remortgage if we stay with the same lender Halifax I assume they won’t do another valuation. Can we request one? Is there a cost?

as if they come back with 140-145k value themselves it’ll put us below 75% LTV which is obviously a nice enough idea and will allow us to still pay the same amount each month overpaying by around £700 a year without altering any payments.

haras_n0sirrah

Halifax are not known for having good product transfer rates. If your able to change it would probably be worth investigating as most lenders offer free valuation and free solicitor. You can challenge the Halifax valuation however you would need to pay for the new valuation and there is no guarantee it would be successful as surveyors are being a lot more cautious at the moment. Consult a whole of market broker to check the market and see what is available. If you don't have a broker then read the boards here and pm a broker you feel gives good advice. We aren't able to approach people but most of us are happy to respond to pm's. 

getmore4less

Looks like your are going to go under £100k when Halifax raise rates for their customers
(some might say rip off)

Change of LTV won't do you much good with Halifax 2y fix  < £100k  <60%LTV is 2.48% <75% 2.53% >75% 2.83% 
longer fixes even worse
plan to change lender 
a decent £100k 80% LTV would be under 2%(no fee)

declan199210

haras_n0sirrah said:

Halifax are not known for having good product transfer rates. If your able to change it would probably be worth investigating as most lenders offer free valuation and free solicitor. You can challenge the Halifax valuation however you would need to pay for the new valuation and there is no guarantee it would be successful as surveyors are being a lot more cautious at the moment. Consult a whole of market broker to check the market and see what is available. If you don't have a broker then read the boards here and pm a broker you feel gives good advice. We aren't able to approach people but most of us are happy to respond to pm's. 

We used a broker previously for our mortgage and will be using him again. 

I just wanted to question it all before we visit him so I’m aware of the facts.

when I looked at Halifax current products I think the 2yr fix was around 2.2? We are oonly looking for a short deal as we are doing work on the property that will add value so our deal after this will be our major one as hopefully it will decrease our LTV dramatically.

RickydD2020

I have a help to buy mortgage which is coming to the end of its term at end of June. I got a desktop evaluation as per government and targetHCA guidance but they have now rejected this valuation and told me to get a new valuation (at my expense) where someone comes into my property. Neither government nor TargetHCA guidance states the desktop can be rejected and that we then have to pay for a new valuation (we will have to pay their interest charges and our current mortgage term has come up so move to a variable rate, until we have a new valuation report and it is agreed by TargetHCA) we have not had the reason why it is has been rejected and I am considered extremely vulnerable due to pre-existing health conditions so cannot have someone come into my house. How can this be reasonable?