Halifax remortgaging
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Halifax remortgaging
Hi all,
Well its nearly 2 years since I got my mortgage on a new house. I went for a tracker so worked out really well for me.
Problem is I called Halifax about new deals and the have valued my house at £20,000 less thank we bought it for. I've done a lot of work to this house and just had it valued by Haart at £250,000 and he said he could put it up for more but best to keep it just under the stamp duty increase.
Halifax are now increasing my monthly payment by £500 a month
Can Halifax really estimate the value of my house or can I not call them and give them the real value of my house to get me a better mortgage deal?
Well its nearly 2 years since I got my mortgage on a new house. I went for a tracker so worked out really well for me.
Problem is I called Halifax about new deals and the have valued my house at £20,000 less thank we bought it for. I've done a lot of work to this house and just had it valued by Haart at £250,000 and he said he could put it up for more but best to keep it just under the stamp duty increase.
Halifax are now increasing my monthly payment by £500 a month
Can Halifax really estimate the value of my house or can I not call them and give them the real value of my house to get me a better mortgage deal?
#2
We were with Halifax for first mortgage on current house. Had a 2 year fixed rate. Then left them after the interest rates rocketed and got another 3 years fixed with Melton Mowbray. We've now just changed over again to another 3 year fixed and the monthly fee is around what it was 5 years ago.
This isn't really helping your situation but I would always shop around for new deal at the end of your current term. Use moneysupermarket.com etc to get comparison and you may be surprised to see the difference that the various mortgage lenders are offering. It's a ball ache changing over as you end up on the phone for about 1hr going through your personal details but it's worth it in the end.
Good luck
Nick
This isn't really helping your situation but I would always shop around for new deal at the end of your current term. Use moneysupermarket.com etc to get comparison and you may be surprised to see the difference that the various mortgage lenders are offering. It's a ball ache changing over as you end up on the phone for about 1hr going through your personal details but it's worth it in the end.
Good luck
Nick
Last edited by skoobidude; 19 June 2010 at 12:29 PM.
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Cheers Nick,
Yes it takes a while but if its going to save me a few £££ then it's worth it.
I just called Halifax and asked them why they valued my house £20,000 less than I bought it for and they said it was just an estimate.
I told them what I thought and that the only reason they did it was to stop me getting and good offers. They are going to send someone around to revalue my house. I told them I will be getting a couple more too just in case Halifax tell me it is only worth £220,000 but the other 3 offer £250,000.
Yes it takes a while but if its going to save me a few £££ then it's worth it.
I just called Halifax and asked them why they valued my house £20,000 less than I bought it for and they said it was just an estimate.
I told them what I thought and that the only reason they did it was to stop me getting and good offers. They are going to send someone around to revalue my house. I told them I will be getting a couple more too just in case Halifax tell me it is only worth £220,000 but the other 3 offer £250,000.
#4
We found that mortgage companies don't tend to send anybody in person to value properties any more. I guess it's one of many cut-backs companies are making to save themselves time and money.
It is annoying though. Our house is a one-off in our area as we extended into the garage a few years back creating a large kitchen diner, downstairs loo, larger master bedroom with big ensuite. We then rebuilt the garage as a detatched (spare land on the side) and slightly wider so we could open car doors once in - unlike standard builds of today!
What's unique is that the house remains a 3-bed. The new master bedroom was previously "bedroom 2". Also has a large conservatory.
So you would have thought someone should really come around to value it when remortgaging. We've not persued it but next time may suggest they come around in person.
Nick
It is annoying though. Our house is a one-off in our area as we extended into the garage a few years back creating a large kitchen diner, downstairs loo, larger master bedroom with big ensuite. We then rebuilt the garage as a detatched (spare land on the side) and slightly wider so we could open car doors once in - unlike standard builds of today!
What's unique is that the house remains a 3-bed. The new master bedroom was previously "bedroom 2". Also has a large conservatory.
So you would have thought someone should really come around to value it when remortgaging. We've not persued it but next time may suggest they come around in person.
Nick
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Yes would be a good idea to get someone to see it. I told Halifax I would look else where for a mortgage if someone did not come round to value our house as £220,000 was no where near what its worth
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The value of your house is what someone is prepared to pay for it. Halifax will use a local valuer, you may be charged for their service.
I would be cautious though as an estate agents valuation and a surveyors valuation can be very different.
The valuers they use are 'independent' and are likely to work for a range of mortgage providers so once it is valued, the value is likely to be the same or similar with other mortgage providers.
Another point to consider - value added by investing in your property can be a bit like modifying a car. The investment does not always give a return.
I would be cautious though as an estate agents valuation and a surveyors valuation can be very different.
The valuers they use are 'independent' and are likely to work for a range of mortgage providers so once it is valued, the value is likely to be the same or similar with other mortgage providers.
Another point to consider - value added by investing in your property can be a bit like modifying a car. The investment does not always give a return.
Last edited by Trout; 19 June 2010 at 04:13 PM.
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I have no time for the Halifax. Their adverts are bad enough.
I agree with what Trout has said. We moved our mortgage last year and are hoping to sell this year. The valuations we had varied so much, it was a joke. Saying that, there are no other houses like it in the area, so must be a tough one to stick a price too.
I know what I expect it to realise and am sticking with that.
Good luck,
I agree with what Trout has said. We moved our mortgage last year and are hoping to sell this year. The valuations we had varied so much, it was a joke. Saying that, there are no other houses like it in the area, so must be a tough one to stick a price too.
I know what I expect it to realise and am sticking with that.
Good luck,
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Most mortgage companies (AFAIK) use a program whereby they put your postcode in and work out the price from previous sales in that area minus some magical figure thus giving them a value.
I have never know the values they give to be accurate and if they are being idiots then vote with your feet and go elsewhere.
Mortgages should stay pretty low for the next 6 months at least so to get an increase in payments in this climate is not something you should stand for.
I would advise you go elsewhere.
I have never know the values they give to be accurate and if they are being idiots then vote with your feet and go elsewhere.
Mortgages should stay pretty low for the next 6 months at least so to get an increase in payments in this climate is not something you should stand for.
I would advise you go elsewhere.
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