Initial mortgage period ending, where from here?
guitatistanime
Posts: 21 Forumite
Morning
In the minefield that is mortgages, I have a few questions that I'm going you life experts might be able to help me with.
We took out a 95% LTV mortgage to get on the property ladder, that 5 year initial period ends in January. So it's time to start looking at a new deal/remortgage.
We paid £137,000 for our house, important to note I live in terraced housing, parking is tight and we have a garage. Houses in my same road sold for a whopping £170,000 this year, both within the last few months. Neither had a garage, one was end terraced. Both in a much worse decor than ours, if that counts for anything.
Am I right in thinking that I should be able to have my house valued higher for the purposes of getting a better LTV?
How do I do this and make that happen for January? If someone is coming round to assess value, what do they look at? Is the state of the decorating and things looked at?
When we first took out a mortgage, we had no money, we were lucky to get any mortgage, combined income was about £30,000 with one of us being on a zero hours contract. Since then we both have propelled up the ladder with our combined income at around £70,000. Does this have any impact on available products?
Thank you
Ben
In the minefield that is mortgages, I have a few questions that I'm going you life experts might be able to help me with.
We took out a 95% LTV mortgage to get on the property ladder, that 5 year initial period ends in January. So it's time to start looking at a new deal/remortgage.
We paid £137,000 for our house, important to note I live in terraced housing, parking is tight and we have a garage. Houses in my same road sold for a whopping £170,000 this year, both within the last few months. Neither had a garage, one was end terraced. Both in a much worse decor than ours, if that counts for anything.
Am I right in thinking that I should be able to have my house valued higher for the purposes of getting a better LTV?
How do I do this and make that happen for January? If someone is coming round to assess value, what do they look at? Is the state of the decorating and things looked at?
When we first took out a mortgage, we had no money, we were lucky to get any mortgage, combined income was about £30,000 with one of us being on a zero hours contract. Since then we both have propelled up the ladder with our combined income at around £70,000. Does this have any impact on available products?
Thank you
Ben
0
Comments
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You will have customer retention products from your existing lender to choose from and could remortgage to a new lender.
Either way, the valuation will be updated, either electronically or by actual physical inspection.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
Thank you for your reply, that's very helpful. So I just tell them that the house is worth £170,000 based on recent sales and they will do the rest?0
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Ignore this, it's a lot simpler than I expected. My current mortgage lender already has their system updated based on HPI figures and I needn't of worried.0
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