Ally
Member
Registered: 2nd Jul 03
Location: Pontypool Drives: a Skoda
User status: Offline
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I had a 2 year deal with my current company, ends in December 2007 so i've gotta switch at the end of this year
anyone done this before, i dont know where to start 
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--Dave--
Banned
Registered: 17th Feb 04
Location: Essssseeeeex Drives: Black Supra TT
User status: Offline
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more often than not your mortgage lenders will call you Ally. If not you can ring them beforehand to discuss remortgage options and look at any better deals they have out.
Or switch completely of course.
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Fee
Member
Registered: 16th Nov 05
Location: With AK
User status: Offline
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your lender won't get in touch about it
they want you to start paying the increased rate
best to speak to an independant advisor about the best remortgaging deals
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AK
Member
Registered: 5th Jul 00
Location: Aberdeen City
User status: Offline
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do you have to get another valuation done to re-mortage?
and if the value is higher do you then get better rates, and its less a % you are borrowing?
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Fee
Member
Registered: 16th Nov 05
Location: With AK
User status: Offline
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most will want a valuation, but I'm sure that you could just rely on your previous one if it wasn't too long ago.
It's better to get it revalued though cos chances are the value will have increased, in which case, yes, you should get a better rate, or you can get a larger mortgage and get a few thousand cash back for yourself
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Ally
Member
Registered: 2nd Jul 03
Location: Pontypool Drives: a Skoda
User status: Offline
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Will deffo get it revalued as we have rennovated it, if i get it revalued at its gone up 15k, could i have 2k cash back or somthing?
Confusing, im not looking forward to doing this
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Fee
Member
Registered: 16th Nov 05
Location: With AK
User status: Offline
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Yes
Say if you bought your house originally for £100,000, and took out a 90% mortgage (so £90,000)
You get it revalued at £115,000
You're £90,000 mortgage would then be 78% of the value of the house
You can choose just to get a mortgage for £90,000, the full amount would go to pay off your existing mortgage, and you would get a better rate as you would essentially have a 22% deposit,
or you could choose to take out another 90% mortgage of the new valuation, so £103,500....you pay off the old mortgage and get about £13,000 to you
or an 85% mortgage, or a 95% mortgage, or whatever you choose...
ken
[Edited on 27-04-2007 by Fee]
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Ally
Member
Registered: 2nd Jul 03
Location: Pontypool Drives: a Skoda
User status: Offline
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Fee, do it for me 
I'll give you some party rings and a special hat 
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--Dave--
Banned
Registered: 17th Feb 04
Location: Essssseeeeex Drives: Black Supra TT
User status: Offline
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quote:
Originally posted by Fee
your lender won't get in touch about it
they want you to start paying the increased rate
best to speak to an independant advisor about the best remortgaging deals
Northern Rock do 
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--Dave--
Banned
Registered: 17th Feb 04
Location: Essssseeeeex Drives: Black Supra TT
User status: Offline
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quote:
Originally posted by Ally
Will deffo get it revalued as we have rennovated it, if i get it revalued at its gone up 15k, could i have 2k cash back or somthing?
Confusing, im not looking forward to doing this
well worth getting it re-valued Ally. Doesn't cost anything and it's good to know how much your property is actually worth!!!
In just over a year ours went up by 17k.
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C2RL R
Member
Registered: 28th Mar 02
Location: Redcliffe, QLD
User status: Offline
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quote:
Originally posted by Fee
Yes
Say if you bought your house originally for £100,000, and took out a 90% mortgage (so £90,000)
You get it revalued at £115,000
You're £90,000 mortgage would then be 78% of the value of the house
You can choose just to get a mortgage for £90,000, the full amount would go to pay off your existing mortgage, and you would get a better rate as you would essentially have a 22% deposit,
or you could choose to take out another 90% mortgage of the new valuation, so £103,500....you pay off the old mortgage and get about £13,000 to you
or an 85% mortgage, or a 95% mortgage, or whatever you choose...
ken
[Edited on 27-04-2007 by Fee]
Good info there matey, i feel i may be looking into this shortly.
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GT4Brody
Member
Registered: 26th Sep 01
Location: south
User status: Offline
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The more you borrow, cash back etc, the nore you have to pay back. best thing to do is pay more off each month, you would be surpised how much you save in the long run(because of interest) and how many years you take off the mortage.
I took 7 years off mine just by paying £50 a month extra!!
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Kerry
Member
Registered: 5th Oct 01
Location: Norwich
User status: Offline
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alot of lenders do a fee free remortgage which will cover any legal fees and valuation!!
go and see a financial advisor ally.
99% of them are free and they can usually get a better deal
RBS are doing 5.39% on a remort at the min through financial advisors 
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Ian
Site Administrator
Registered: 28th Aug 99
Location: Liverpool
User status: Offline
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Is that fixed Kerry?
I'm on 5.39% at the moment due to finish in July, could do with staying on it compared to current rates.
Also what is LTV for that product?
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jaffa
Member
Registered: 27th Mar 00
Location: Stoke-on-Trent
User status: Offline
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I had massive problem when switching mine, I was with the chelsea and decided Britannia was better, phoned the chelsea and asked how much I would need to pay of the mortgage as was moving. Was told so arranged the mortgage for that amount.
Telphone call few weeks later when it was supposed to be coming through and the amount was short by nearly 600. Phoned the chelsea up and they said I was quoted the balance not the redmeption fee and that they don't give the redemption fee out over the phone. I said fair nough but why wasn't I told that at the time. No real answer to that. Turned out I was 600 out as they had sent the figure one day before I had payed my monthly amount. I had to pay £25 quid to get another, accurate, figure sent to the Britannia and pay the rest myself.
So my advice would be tomake sure the figure quoted from your current lender is the redemption figure (if this is possible) or ask for more than the balance to cover yourself. 
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Kerry
Member
Registered: 5th Oct 01
Location: Norwich
User status: Offline
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quote:
Originally posted by Ian
Is that fixed Kerry?
I'm on 5.39% at the moment due to finish in July, could do with staying on it compared to current rates.
Also what is LTV for that product?
its a 2 year fixed and is up to 95% but its only available through FA's and has to be submitted online by them on www.rbsip.com
link to product here
http://www.rbsip.com/first-active-03.asp?page=FIRST-ACTIVE/PRODUCTS/FIXED-RATE/2YR-699-ONLINE
there is also an arrangement fee but it can be added to the borrowing
[Edited on 28-04-2007 by Kerry]
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Ian
Site Administrator
Registered: 28th Aug 99
Location: Liverpool
User status: Offline
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I need to do something with mine.
£699 fee though. They may as well just quote higher interest rate in the first place.
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Kerry
Member
Registered: 5th Oct 01
Location: Norwich
User status: Offline
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alot of lenders are doing it now im afraid
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Dean_W
Member
Registered: 13th Dec 05
Location: Downham Market, Norfolk
User status: Offline
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quote:
Originally posted by Fee
best to speak to an independant advisor about the best remortgaging deals
Totally agree.
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