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AteMoose

Remortgage Valuation

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I'm coming up to the end of the 5 year fixed rate. We bought by offering a cheeky low offer and got a relatively cheap house just as the market was peaking (see signature). Since I purchased there have been 4 sales on the street, 2 above the price I paid two below. My hunch is the house is worth a little more than I paid, zoopla thinks the house is worth 10k more than I paid . In this time we have saved another 40k so depending on revaluation this may take us to 40% LTV, and to the juicy fixed rates. We are thinking of going for a fixed rate offset mortgage...

My question, how does this revaluation work, do you need to pay out arrangement fees before the revaluation occurs? How are remortgage estimated, I guess they are normally on the low side? Do they look at the previous purchase price? I would hate to pay out and discover that we don't meet the 40% requirement.

Edited by AteMoose

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I'm coming up to the end of the 5 year fixed rate. We bought by offering a cheeky low offer and got a relatively cheap house just as the market was peaking (see signature). Since I purchased there have been 4 sales on the street, 2 above the price I paid two below. My hunch is the house is worth a little more than I paid, zoopla thinks the house is worth 10k more than I paid . In this time we have saved another 40k so depending on revaluation this may take us to 40% LTV, and to the juicy fixed rates. We are thinking of going for a fixed rate offset mortgage...

My question, how does this revaluation work, do you need to pay out arrangement fees before the revaluation occurs? How are remortgage estimated, I guess they are normally on the low side? Do they look at the previous purchase price? I would hate to pay out and discover that we don't meet the 40% requirement.

Chelsea BS are offering a 10year fix of 4% with a LTV of 70/30 - you can make overpayments of upto 10% each year, just as flexilvle as an offset IMO considering you own 60% of the house I'd guess you'd be able to find an even better deal though

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i brought right at the peak (whoops) on a 2 year deal that ended right at the trough (oops again). I got lucky with interest rates, so had thrown enough money at the mortgauge to keep it at 90% loan to value, based on my own estimations. When the time came to do a deal (with my existing lender) - they were happy to simply accept the previous value, despite the plunge in value. I was happy with this, as it got me a 80% ltv deal instead of a 90%. That was with Natwest, dunno if all banks are the same.

For me, I'd never go on a 10 year deal, as I simply don't know what I'll be doing in 10 years, and I wouldn't like the 'ball and chain' of a big payment if I wanted out. I'm currently un-married, with no depencancies, living in the UK. in 5 years I could have 3 kids and be in sydney. 10 years could be anything

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Because you're not selling it, it's obviously worth double what you paid for it - after all, you've had it for severaql years, it would be preposterous to believe that you aren't now a paper millionaire.

I'd start looking at the 10% LTV range of mortgages if I were you.

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  • 284 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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