Valuation/LTV question

[Monkeythree]

I need to re-mortgage from a BTL product to a normal residential mortgage because we will soon be ending the tenancy agreement and moving into the property ourselves. My current lender says this will require a new mortgage application.

Does this mean I will need to have a new valuation survey or will they calculate the LTV based on the price we paid just over a year ago that they originally lent against?

[Sarnie]

Monkeythree said:

I need to re-mortgage from a BTL product to a normal residential mortgage because we will soon be ending the tenancy agreement and moving into the property ourselves. My current lender says this will require a new mortgage application.

Does this mean I will need to have a new valuation survey or will they calculate the LTV based on the price we paid just over a year ago that they originally lent against?

Ask your lender?

[Jockman]

They tend to work in 6 month windows so probably will require a new valuation. However it does depend on your needs as lenders will also do a desktop valuation that is free. A while back I asked hsbc to do this as I believed myself to be eligible for the then new 60% ltv deal.

They calculated me at 62% but were happy for me to pay for a proper valuation that may get me under 60%. I disagreed with their calculation and said I was not prepared to do this. So they gave me the 60% deal anyway.

Good luck

[Monkeythree]

Sarnie said:

Monkeythree said:

I need to re-mortgage from a BTL product to a normal residential mortgage because we will soon be ending the tenancy agreement and moving into the property ourselves. My current lender says this will require a new mortgage application.

Does this mean I will need to have a new valuation survey or will they calculate the LTV based on the price we paid just over a year ago that they originally lent against?

Ask your lender?

I intend to. But I wanted to be in a position of knowledge beforehand. I would like to avoid paying £250 or whatever it is for another valuation survey which is nothing but money for old rope IMO. I'm sure half of these "surveyors" just get it off Zoopla!

[timbo999]

Monkeythree said:

I need to re-mortgage from a BTL product to a normal residential mortgage because we will soon be ending the tenancy agreement and moving into the property ourselves. My current lender says this will require a new mortgage application.

Does this mean I will need to have a new valuation survey or will they calculate the LTV based on the price we paid just over a year ago that they originally lent against?

Why do you need to re-mortgage at all? We currently have a BTL mortgage on the house we live in as (like you) we let it before moving in ourselves. We kept the mortgage as it is a very preferential rate (linked to base rate). A careful reading of the T&Cs showed there was no reason we couldn't move in (the company know as its now our correspondence address as well as the mortgaged address) just that we couldn't let it to members of our family...

[Monkeythree]

Because it's not a very good deal that we're on. It was a distress purchase because we were living outside of the UK and most lenders we tried wouldn't touch us and we didn't want to lose the house. When we eventually got a BTL mortgage offer via a broker we just took it because it was the lowest risk option.
I would also like to get back onto a product with flexibility for overpayments which my current BTL mortgage doesn't allow.