Who decides LTV?
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Discussion

sc0tt

Original Poster:

18,296 posts

231 months

Monday 29th April 2013
quotequote all
Morning Guys

Quick question. I purchased my property with a 10% deposit giving me 90% LTV.

My current deal is due to expire in a month so I can switch. My property "should" have gone up a thousand or two compared to those that have sold in the last 2 years, and obviously I have paid a meagure sum of the property value. In my opinion I should be down to 85% LTV.

At 85% LTV the halifax will offer a better rate but who decides? The chap on the phone? Does the house need to be re surveyed?

Thanks, First time deal chooser

smile


Sarnie

8,373 posts

239 months

Monday 29th April 2013
quotequote all
sc0tt said:
Morning Guys

Quick question. I purchased my property with a 10% deposit giving me 90% LTV.

My current deal is due to expire in a month so I can switch. My property "should" have gone up a thousand or two compared to those that have sold in the last 2 years, and obviously I have paid a meagure sum of the property value. In my opinion I should be down to 85% LTV.

At 85% LTV the halifax will offer a better rate but who decides? The chap on the phone? Does the house need to be re surveyed?

Thanks, First time deal chooser

smile

Generally, if you remortgage with the same lender they won't re-survey the property and will either use the original figure or will revert to online data similar to the Nationwide HPI.

If you remortgage to a new lender they will send out a surveyor in most cases to ascertain it's current value rather than what it was two years ago.

sc0tt

Original Poster:

18,296 posts

231 months

Monday 29th April 2013
quotequote all
Sarnie said:
Generally, if you remortgage with the same lender they won't re-survey the property and will either use the original figure or will revert to online data similar to the Nationwide HPI.

If you remortgage to a new lender they will send out a surveyor in most cases to ascertain it's current value rather than what it was two years ago.
Thanks Sarnie.

sc0tt

Original Poster:

18,296 posts

231 months

Sunday 5th May 2013
quotequote all
Sarnie said:
Generally, if you remortgage with the same lender they won't re-survey the property and will either use the original figure or will revert to online data similar to the Nationwide HPI.

If you remortgage to a new lender they will send out a surveyor in most cases to ascertain it's current value rather than what it was two years ago.
I called the Hfx yesterday and they asked for a rough property estimate. I said between 195-200 and she said they had data for 197500. Luckily I just managed to sneak in at 84% LTV and bag a cheaper interest rate.

Good start to the weekend. Cheers for you help sarnie.