Mortgage fix rate ends

valleyboy22

Hi,

We bought our house via Natwest 7 years ago now. Our fix rate is up in December and offered us a few options, and i noticed that our monthly payment will increase.

My partner wants us to have have the house valued again due to us having it cheap and we have done loads of work to it. 

Is it worth doing this then shop around for a mortgage deal, or at the current climate we are in it, will be pointless. I am new to all this so don't really know what would be the best option to move forward. 

Thanks 

[Deleted User]

Are you borderline on LTV? Would a valuation make any practical difference?

Cirensaver

I would aim to get a new deal fast. We have recently done this. We are with Barclays but couldn't fix with them until 3 months before our deal ended (at the end of October). We knew rates were rising so applied to Santander as you can lock into a new deal up to 6 months before you want the deal to begin. Chances are they will send someone round to value the property. That's what they're doing with us and we have made plenty of improvements which will be picked up. Hope this helps.

valleyboy22

We bought our home for £85k off a family member, and i believe going by what value of houses in our small street to be at least double that now, 

valleyboy22

We bought our home for £85k off a family member, and i believe going by what value of houses in our small street to be at least double that now, 

pramsay13

The only reason an increase in value will help is if it takes you into a different loan to value bracket so if you give us figures for how much you still owe and what the original value is versus what you think it might be worth with the work.
A lot of work doesn't necessarily increase the value unless you are talking about fairly major renovations or extensions. 
A new mortgage lender will do a valuation before lending although it might be done without visiting so maybe speak to a broker to see what is available and who is likely to visit. 

valleyboy22

Cirensaver said:

I would aim to get a new deal fast. We have recently done this. We are with Barclays but couldn't fix with them until 3 months before our deal ended (at the end of October). We knew rates were rising so applied to Santander as you can lock into a new deal up to 6 months before you want the deal to begin. Chances are they will send someone round to value the property. That's what they're doing with us and we have made plenty of improvements which will be picked up. Hope this helps.

Thanks. I would not know where to start to look for new deals and apply for one.

fewcloudy

valleyboy22 said:

Thanks. I would not know where to start to look for new deals and apply for one.

That is a very good reason to use a mortgage adviser/broker in my opinion (and I am not a mortgage broker). It could be a very wise thing to do in your situation.