Deleted User 298457
Deleted User 298457
Na you're fine.
Mortgage Rate Rises
- Thread starter glenimp617
- Start date
The offer docs don't mention it. But when a new rate drops, you can reapply on their website and it should update the rate. You can always call them afterwards to confirm the change.
I agree it's not clear; i had similar concerns last year when i went through this process.
Last edited:
Thanks. But I can also move onto a better deal outside of HSBC too can't I? Like say Halifax/Barclays or wherever?
Providing they’re willing to give you a mortgage offer then yeh.
We've just been sorting out a remortgage to go through this week. It's on about 2.5% at present and the current lender have sent their standard letter saying when our current deal ends, they'll move it on to their SVR of 9.04%
Bargain, I'll cancel the remortgage!!
Bargain, I'll cancel the remortgage!!
Oof, who's that with? We're moving onto the SVR with Santander soon, but it's 'only' 7%.
Is that the same for all of them. As of 1st April I can remortgage but current one doesn't end until 31st July.
I don't know. I am with HSBC so can only speak for them.
Soldato
- Joined
- 16 May 2008
- Posts
- 2,579
- Location
- Bristol
Santander only let you do it 4 months before the end.
Soldato
- Joined
- 12 Feb 2006
- Posts
- 17,651
- Location
- Surrey
Yeah I found that out last time too late. At 6 months it would have been approx April 23, and I figured easy stay with Santander and done. But I couldn't lock it in, so rushed to get my mortgage guy to find a new deal some where else, but those 10/15 days the rates shot right up and never came back down.
If I had known I'd have sorted my application with other providers sooner. But also I didn't expect to be caught at the exact moments where hourly prices were increasing. I'd get a potential price and next day it was already gone
Last edited:
So we’ve applied for a new mortgage come June 30th renewal, we’ve got a valuation. I expect a normal desktop / remote but apparently we’ve got someone visiting for 30 minutes to value the house.
How common is this for a remortgage? First time remortgaging hence the question.
different lender of course.
How common is this for a remortgage? First time remortgaging hence the question.
different lender of course.
Caporegime
- Joined
- 22 Oct 2002
- Posts
- 28,782
- Location
- Boston, Lincolnshire
The mortgage advisor asked me for a valuation back in November. I gave it to her by googling recently sold properties in my area. She then said someone would come and do a valuation yet no one ever came unless they just drove past our house or something. They gave me a really low ball valuation but it didn't bother me as we were still in the best LTV rate anyway so meh. This was for me taking equity out of the house though so essentially a second mortgage.
Last edited:
My last remortgage was back in 2018 to a different lender (Nationwide).
They sent a surveyor round. He tapped a few walls and stuck his head through the loft hatch.
In and out in 2 minutes. And he valued our house £30k more than we thought it was worth!
Plus , basically same as us in our last house.
The guy looked disgusted at the size of the kitchen. Hah
Deleted User 298457
Deleted User 298457
Nationwide back in February, I just an email stating the work I had done
Nationwide back in February, I just an email stating the work I had done
interesting, we've got a survey/valuation booked now for Wednesday, on the phone they said it'll take up to 30minutes so nothing crazy.
I've checked what our mortgage advisor dropped as property value and it's the high end of what zoopla says it's worth, problem is often our house is incorrectly listed as mid-terrace but it's end of terrace with a much larger garden, big(5-6 cars) driveway and a big outside office, garage/lean to etc. So I'm hoping that value is correct, reason I'm a bit worried is because the small change could drop us over 75% LTV which just misses the okay-ish offer we got.
another thing, is we're slowly redecorating the upstairs so certain walls are sanded, window sills are sanded etc but not finished, I presume decorative order is what ever for value, bigger items like new boiler and new radiators upstairs are probably more impactful.. ?
Deleted User 298457
Deleted User 298457
Yeah they won't be too arsed about decoration etc. If the house is in a good state of repair generally (or going to be), it'll be fine. I knocked up an email comparing to recently sold properties; too. Might be worth being "aware" of what's going on to sway the valuer in your favour.
X Road is quite a long road with a big variance in valuations between the top and bottom half of the road. We are in the bottom half of the road, nearest to the shops. We are quite unique in that the front is not overlooked by any other houses, and we are not opposite any junctions. Houses near us with similar layouts are in the ballpark we originally payed. For example –
The outlier that may be affecting prices is number YY, which sold for £780k in DATE.
- X Roadsold for £890k DATE. This is “higher up the hill” and doesn’t have access to the allotments at the rear. It is overlooked at the front.
- X Road sold for £1.05M in DATE. This is similar but has a fixed garage vs. our separate garage. It is overlooked at the front, and opposite a junction.
- X Road Lane sold for £1.13M in DATE. This is similar but has a fixed garage vs. our separate garage and a downstairs extension. It is much further up the hill – further from the station/shops, and near a roundabout.
The outlier that may be affecting prices is number YY, which sold for £780k in DATE.
- It is very similar to ours in layout, but was originally a “HMO”.
- Since being bought, it has undergone a back-to-brick renovation.
- It actually sits on the roundabout joining X Road – the driveway is essentially an exit from the roundabout. I actually parked my car here once as the previous owner allowed me to whilst our drive was being replaced. it is very difficult to park, and any on-coming traffic from X Road aims headlights directly into the house. For us, this makes that house completely incomparable to ours as we ourselves wouldn’t have been able to consider it due to its unique location on the hill.
- It does not benefit from the allotments access.
- It is at the highest point of the hill, further away from the shops and train station.
That won't affect the valuation at all.
So the rate I locked in at a few weeks ago is already down from 4.29% to %4.23%
At what point do you guys redo it to get the better rate? Is there a reason not to do it literally every week up to renewal? I know this would be a credit check normally but if going with your existing provider I think it's a softer check.
At what point do you guys redo it to get the better rate? Is there a reason not to do it literally every week up to renewal? I know this would be a credit check normally but if going with your existing provider I think it's a softer check.