Hi.
My 5 year fix is nearly up and it is most likely we'll be remortgaging to a new company. Our house has lost a little value since we purchased it so we are still around the 90% LTV we started with (as we took out a 30yr mortgage, the capital repayments per month are rather small).
The problem is the LTV percentage, I have done some research using right move sold prices, mouse price, zoopla etc and our current LTV is varying between 89% and 93% depending on what information I use!
My question is, if I apply with a lender, will I get an actual visit from a surveyor to value my property and is there a charge if they decide my LTV is higher than 90%? Also, if they came back and said for example the LTV was 91% would that be the end of it or is their generally any discretion from lenders?
Ideally, I'd overpay before my current mortgage expires to ensure I'm below 90% but I'm not sure if I can afford that at the moment.
My 5 year fix is nearly up and it is most likely we'll be remortgaging to a new company. Our house has lost a little value since we purchased it so we are still around the 90% LTV we started with (as we took out a 30yr mortgage, the capital repayments per month are rather small).
The problem is the LTV percentage, I have done some research using right move sold prices, mouse price, zoopla etc and our current LTV is varying between 89% and 93% depending on what information I use!
My question is, if I apply with a lender, will I get an actual visit from a surveyor to value my property and is there a charge if they decide my LTV is higher than 90%? Also, if they came back and said for example the LTV was 91% would that be the end of it or is their generally any discretion from lenders?
Ideally, I'd overpay before my current mortgage expires to ensure I'm below 90% but I'm not sure if I can afford that at the moment.