#4045

What’s your timeframe on the remortgage?

Could you spend the £15k on a house extension or loft conversion instead?

It might give you a better value return, and might provide a reason for an in-person revaluation rather than a remote one.

(obviously, only do this if you were planning on doing the works long term anyway)

#4046

Need to get it done in by the end of October, and with lenders being a bit slow to process mortgage applications at the moment I’d be nervous to rely on that. Plus if they’re doing remote valuations still then I’m not sure that adding value to the house in that way would actually register with them.

(we have actually insulated and partially floored the loft since moving in and that’s one of the things we think isn’t reflected in the remote valuation!)

We do want to replace the falling down corrugated steel shed (plus that fucking aviary) with a more substantial/spacious outbuilding at some point but we haven’t got past the “this would be nice to have” stage.

#4047

Also remortgaging.

Ive looked at my current lenders stuff and online comparison and appear much of a muchness. So was just gonna go on one of my current lenders ones which would be about £50 a month cheaper than current.

But the broker I used to get the original mortgage had contacted me. But I cant really be arsed chatting to them.

  • Speak to them
  • Nah do the easy thing,

0 voters

#4048

Nothing to lose from talking to the original broker. Best case scenario you get an even better deal, worst case you’re not out of pocket.

#4049

Time and energy.

1 Like
#4050

Has that application not been submitted? If it has you should be ok with the rate.

#4051

The first one has, the second one is still with the broker.

#4052

Bugger. Who was your current lender?

#4053

Nationwide. Their remortgage offer was comically bad.

#4054

I had a look at my current provider’s offers and also spent too much energy communicating with the broker who arranged the mortgage deal that was ending. He kept quoting figures that were a bit higher than ones we were getting from the provider so I just did the honourable thing and changed product using the online tool and told him we’d be OK.

1 Like
#4055

They are normally one of the decent ones when it comes to retention rates. Trouble is at the moment surveyors are starting to factor in market uncertainty when it comes to providing a valuation (if a physical one is done). The Nationwide figure would just be based on the house price index since they last valued it, not accounting for any improvements you may have made. How bad was bad rate wise?

#4056

I think it was above 2% and we’re currently on 1.83%. I don’t remember the exact figure, it was bad enough that we looked at it and immediately went “lol no”.

Our worst case scenario is that we take the less shitty Halifax one and decide if we do that by pumping in £15k to get the better rate, or live with a 1.93% rate over five years. I’ll need to do a spreadsheet.

We can afford all of these options so it’s not a disaster, just feels really wasteful.

#4057

What difference would pumping the 15K into Nationwide make, would be less of a ball ache.

If you can get to 80% LTV the 5 year fixes for existing customers are below 2% (1.79% with fee 1.94% without). Below 75% and you are roughly where you are now with no fee. The timing of any overpayment would be a consideration so you don’t go over 10% of the balance and incur any fees, but a rate switch is far easier and takes away the legal bits, submitting payslips etc.

1 Like
#4058

when we had our flat valued for re-mortgaging, they valued it at ever so slightly less than what we paid for it. we were irked, but it didn’t change the product we ended up going for (with the same provider). anyway. we’re now starting the process of starting to think about fucking off out of london and so yesterday had an agent round to give us an idea about what it’d go on the market for. they’ve undoubtedly overvalued it probably, but it was far higher than the bank’s valuation. we have aother couple of agents coming next week too. i know that has no bearing on a bank’s valuation for remortgaging, but maybe interesting? we are due to remortgage in the new year. given we do want to move out london and almost certainly do not want to be tied here for another 2 years, i dunno what we’re gonna do. fucking life, eh.

#4059

I’m not worried that we overpaid as such - whenever a tradesperson comes in they go “fucking hell, I wasn’t expecting this based on your street address…” :sweat_smile: Apparently the street has a bit of a reputation, and is about 80% current/ex local authority properties, so I can totally understand why a remote valuation would put it lower than an in person one. The only problem is how a low mortgage valuation puts us into a less favourable LTV bracket and fucks us up a bit that way.

#4060

I’m on 2.1% I think, that was first mortgage 2 year fixed.

The only rate I’ve been quoted over 2% now is a 10year fixed one

#4061

Did you want to hear about my 1.54% again?

3 Likes
#4062

Think when I remortgage in 18months, if things haven’t gone all bad (lol) and house value is still up and rates low I will borrow the same amount again and get a loft conversion…
#loftdream
#birthofmodeltrainenthusiast
#keepborrowing4ever

1 Like
#4063

#loftyambition

3 Likes
#4064

Don’t reduce your repayments unless you have to, reduce your term.

2 Likes