Northern Rock End of Mortgaged Deal (Merged Threads)

picardygirl

MarkyMarkD wrote: »

Using regionalised Halifax house price indices probably - that's how most lenders do any sort of internal revaluation.

If you look up your house's value on Zoopla it is normally similar to the value a lender will estimate IMHO.

Thanks for that - have looked its about £15k under what our neighbours have just sold at ..... but still puts us at 73% LTV so fingers crossed!

zipman23

MarkyMarkD wrote: »

Using regionalised Halifax house price indices probably - that's how most lenders do any sort of internal revaluation.

If you look up your house's value on Zoopla it is normally similar to the value a lender will estimate IMHO.

I checked on zoopla for my house price estimate. I live in a large(ish) street where the first 10 or so are all of the same layout. There has also been a bit of activity regarding houses selling/going on the market recently. A house 6 doors down has just gone on the market for OIRO £119950 but the zoopla estimate says it is worth 114k. Fair enough it might not sell for that price.

My house was bought for 115k but the estimate says it is worth 107k!
It has just had a brand new bathroom fitted and the garden has also been recently landscaped so I'm abit confused about that figure to say the least.

The house 2 doors down is a 50% ownership property and is on the market for £52500 (needs alot of work to modernise it IMO), has been SSTC twice in the past 4 months and is back on the market again! Poor sod!

MarkyMarkD

AFAIK all Zoopla do is to apply indexation to actual sale values, although I guess that they are more sophisticated than simply using Halifax regional indices and that a good sale price for another house in your road - compared to what they previously thought that house worth - should lift up the whole road's values.

They certainly won't have a clue about interior improvements like new bathrooms and landscaping. So if the whole street was identical when built, and sold for the same price on the same day originally, they would show identical values for the whole street unless something happens to convince them otherwise (e.g. two selling in the same month for very different values).

Did you say when you bought for £115k? If it was three years ago, it's quite likely only worth £107k.

deefadog

You can edit your house on zoopla, so add a new bathroom, garden etc

MarkyMarkD

You can, but it doesn't necessarily affect their calculated valuation.

zipman23

Oh yeah, sorry Marky, we bought it Jan 2007 so it is almost 3 years now. I edited it to add the new improvements and I think it went up by £500 which was nice considering we spent almost £3500! Another house sold which is 2 doors UP this time for asking price (I assume) of £113k but then again, he sold it to his mum and bought a bigger one round the corner!

Would the estimates have anything to do with the fact that some are only part owned? Like you said two identical houses selling for very different amounts. £115k and £55k?

I'll be very interested to see how much the house OIRO £120k goes for too!

goldenstar2k9

I would never trust northern rock again!

picardygirl

goldenstar2k9 wrote: »

I would never trust northern rock again!

Thats a bit of a random comment goldenstar ! lol x Please enlighten us ?

picardygirl

If anybody hears from NR whether they are asset management plc or just plc side let us know, so at least i know when the letters start coming out. The information i received said we would be informed by Christmas...... Happy Christmas from Northern Rock!

adybaines

hi to all,

been with northern rock for 6 years and my deal is coming to an end this month, was a tracker fixed to base rate but will now jump 2.5% up the the SVR of 4.79%!! from a quite sedate £300 to nearly £600

called them to see if i could move to a new deal and was told the system doesnt have me elligable for any new offers... i have never missed a payment or had a problem - but the mortgage is on interest only which maybe why? was taken out at 95%ltv for 140k house is now worth 185k... so guess that brings the new ltv down to 75% but northern rock wont know that will they?

my problem is i am currently out of work and had to use up my savings to cover the mortgage, i was offered housing cost support where they pay the interest or something on the mortgage.... but didnt pursue it as i had a few job prospects at the time and also didnt want it to affect a remortgage with them in the future...

thinking maybe it was the wrong move as the jobs didnt go ahead back in sept/oct and now nr have said im stuck on my current deal i could have been getting the mortgage paid for each month - damn

anyway bit long winded - trying to find out if NR would make a record of me being on JSA if i did try to claim, which would be accessable by other lenders in the future?

because once im working again im thinking of a self cert mortgage and dont want to claim the housing cost help although its £600 a month if it means i cant get a mortgage with another lender?

do you think the interest rates will stay doen at 0.5% for the next few years?

finally im on annual interest! so they apply it all at the start of the year so will prob have to wait till next xmas before changing it..?

thankyou in advance for your replies and merry xmas

andy