revaluation of house

[p1doc]

as coming to end of mortgage deal next year do mortgage providers revalue house as will be after 12yrs therefore reducing my ltv or keep revaluation the same in order to base figures as per original mortgage?

[Sarnie]

p1doc said:

as coming to end of mortgage deal next year do mortgage providers revalue house as will be after 12yrs therefore reducing my ltv or keep revaluation the same in order to base figures as per original mortgage?

If you apply to a new lender, they will value the property as it stands currently....

[p1doc]

but if you keep with old lender do they revalue or keep value as per original application?

[towser44]

p1doc said:

but if you keep with old lender do they revalue or keep value as per original application?

I've switched product with the Halifax this week and my property value increased from the last time I did so (2 years ago), which was great for me as the LTV dropped below the magic 60%. I did it all on line and they haven't been out to re-value, so assume the Halifax at least are using some sort of automatic House Price Index.

[Ransoman]

I changed my mortgage product last year (same bank, came to the end of a fixed rate period) and they had automatically revalued my house and that pushed me into a much lower LTV.

[Sarnie]

p1doc said:

but if you keep with old lender do they revalue or keep value as per original application?

They will apply the HPI fluctuations to your postcode which may or may not help alter your LTV but it won't reflect your individual properties value Eg a HPI figure can't reflect the difference between your property and the one next door or the condition of the property and what additional work you have carried out since then etc.