Natwest end of fixed mortgage

valleyboy22

Hi,

After a bit of advice please.

Our first time buy motgage ends at the end of December, but we can switch now if we want.

Natwest has given us some options, but i thought it would be allot lower monthly payments after a switch? Also our house was flooded and we basically had all new modern appliences etc put in and also had a loft/store room attic conversion amongst other thing we believe would of added value to our home since we bought it. Natwest shows that its 10K more that we bought it for, but i beleive its alot more than their rate. I have requested a call to chat about this, and they offer a re evaluation but at a cost which i do not know as yet. Is it worth paying for our home to be re valued before we proceed with swapping our rates with natwest which i am hoping would give us a better rate?

We are new to all this, so any advice would be fatastic.

csgohan4

spending x on your house, does not increase what it's worth by the same amount. 
maybe the valuation was a desktop, but a physical one will cost a few hundred maybe. 

gm12

I’m in similar position - I had a call from them and was told £250 for valuation, but it varies depending on house value. Obviously there is a risk they’d down value.  I am considering applying elsewhere which would include free valuation and legal services.

valleyboy22

I do believe that my house is more than they state, becasue of the ones selling in our area are way more expensive than what we paid for ours and worse condition. How would i look into the free valuation etc please?

csgohan4

valleyboy22 said:

I do believe that my house is more than they state, becasue of the ones selling in our area are way more expensive than what we paid for ours and worse condition. How would i look into the free valuation etc please?

if your remortgaging, alot of lenders offer free legals/ and/or valuation, however at this time, their usually going to be desktop valuations. You may still have the issue you have with Natwest and still need a physical valuation done with no guarantee it won't undervalue your house

RelievedSheff

valleyboy22 said:

I do believe that my house is more than they state, becasue of the ones selling in our area are way more expensive than what we paid for ours and worse condition. How would i look into the free valuation etc please?

By switching lenders to one who offers free legals and valuation. Be aware that there are other costs involved in a remortgage and there is no guarantee that they will value your home higher,

haras_n0sirrah

Fyi natwest product transfers via brokers are cheaper than going direct. I had one yesterday  - client was offered 1.47% direct and the broker version was 1.42% (5 year sub 60%) A lot of brokers (including us) dont charge for product transfers so win win
The revaluation cost is £250 with natwest. It would depend how close to the boundary you are as to whether it is worth it 

valleyboy22

Thanks for the advice. I would not know where to start with a broker sorry, due to us being new to all this.

haras_n0sirrah

Some of us who post on the boards are independent brokers. We are identifiable by our signatures. We are not allowed to approach posters but most of us are happy to respond to pm's asking for help.