Natwest remortgage

Brello777

Hey guys
Looking for a but of advice on this one please. I'm due my first remortgage as my first 2 years fixed is coming to an end. I'm with natwest and my mortgage is to go up a minimum of £31 a month - that's on another 2 years fixed. My house was originally valued at 160K and my current mortgage is at 139k. At one point before the pandemic my online hpi was at 171k giving me an LTV of 82% and has now dropped back to 160k putting my LTV back at 87% which many other lenders are not giving me any offers on. Do the online hpi check change quarterly as said on the natwest site, in which case in the current climate would there be a danger of it dropping again or is there a chance it might rise and I should hold off to see if I can get a better rate with natwest if my LTV was to decrease? Sorry if this is mumbo jumbo, first time going through this so I'm slightly unsure.

Cheers

Thrugelmir

Remortgaging to another lender will incur a cost. Whereas a new product with your existing lender may well not, providing there's no product fee levied. With interest rates so low. There's really no where for them to go other than upwards in the longer term.  

ShowMeTheDough

I'd also be keen to hear what others in a similar situation with Natwest are experiencing.

I'm with Natwest and my 2yr fix is ending early next year. I lost my job earlier in the year so a remortgage to another lender is out of the question; I will have to choose from the options that Natwest give me.

I currently have 38% equity in my property and come the end of the year, will be very close to meeting that all important 40% which would enable me to get the most preferable rates (i.e. 60/40 LTV).

A key factor here is obviously the property value, which Natwest are supposed to update quarterly based on the UK HPI. As it stands, my property value has not been updated since the beginning of the year (around March IIRC). I contacted Natwest last week to ask when the value will be updated, and they simply said there is no set date for it. I pointed out that their website states it should be updated quarterly, but they still said they couldn't advise me further. 

In theory, if they drag their heels with this, it could mean I potentially miss out on the best rates for my product switch as I am more than certain the value has increased. I know there is an option to 'request a new valuation' but this would be at my cost, which I obviously want to avoid. I am also aware that I could overpay the mortgage if need be to bring me up to the desired bracket, but again, I want to avoid this. 

Is anybody else in a similar situation? 

haras_n0sirrah

Broker deals with natwest for product transfers are cheaper than natwest direct. While I cant speak for all brokers a lot of us (myself included) dont charge for product transfers. The broker still gets a small commission from the lender and the client gets a cheaper rate so win win over going direct.

ShowMeTheDough

haras_n0sirrah said:

Broker deals with natwest for product transfers are cheaper than natwest direct. While I cant speak for all brokers a lot of us (myself included) dont charge for product transfers. The broker still gets a small commission from the lender and the client gets a cheaper rate so win win over going direct.

Thanks, I was intending on using the broker I used to get the mortgage in the first place. 

It would be interesting to hear from those whose fixes are ending now and have received product switch offers from Natwest. I can only imagine their properties have an out of date valuation, which could be (negatively) impacting on their LTV threshold.