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    LVT ?? mortgages

    my home mortage was £100,000 I owe £95,000 but my house is valued at £125,000

    is my lvt worked out by the halifax on my original mortgage eof 100k or the current vaule as I need 75% lvt for a better rate

    can any explain it for me .my lender is halifax

    19 Comments

    Halifax will tell you what your property is valued near renewal and if you disagree with them you can go through a process of getting it re valued

    Original Poster

    drasim

    Halifax will tell you what your property is valued near renewal and if … Halifax will tell you what your property is valued near renewal and if you disagree with them you can go through a process of getting it re valued



    ​I don't renew as I've been on svr for 4 years

    That's fine you can go to the lender and say you'd like to renew and get an updated value of your property to get a better LTV.
    It's important that you take into consideration their value because they go by (relatively) recent sold prices in your area. If you feel you have newer data and higher prices, or you have made significant improvements to the property then you are in a good position to negotiate value

    It's worked out on the value you bought it at. Ie original mortgage or the latest valuation. Only have your property revalued if you believe the value has increased.

    Leasehold Valuation Tribunals were abolished under The Transfer of Tribunal Functions Order 2013 and their functions were transferred to the newly created First-Tier Tribunal (Property Chamber) with effect from 1 July 2013.

    ...and we don't have Land Value Tax in this country, so you must be wanting to install Luxury Vinyl Tiles in your property. Can't help you with that one, sorry.

    Loan to valuation . Loan is £95k . Valuation is what Halifax deem the property to be worth . Hope that helps

    Original Poster

    nipstyler

    It's worked out on the value you bought it at. Ie original mortgage or … It's worked out on the value you bought it at. Ie original mortgage or the latest valuation. Only have your property revalued if you believe the value has increased.



    ​since I purchased a metro link tram station is now near by that links to Manchester city centre .I've also had the house refurbished inside and out my neighbour sold his house next door for £135,000 In 7 days of it on sale .so I have strong belife the vaule has gone up

    Original Poster

    thanks for the info guys ,very helpful

    ashmac

    ​since I purchased a metro link tram station is now near by that links t … ​since I purchased a metro link tram station is now near by that links to Manchester city centre .I've also had the house refurbished inside and out my neighbour sold his house next door for £135,000 In 7 days of it on sale .so I have strong belife the vaule has gone up



    ​with halifax you qualify for an extra 40% discount on your rate as long as you have a "strong belife"

    Original Poster

    jonnybravo99

    ​with halifax you qualify for an extra 40% discount on your rate as long a … ​with halifax you qualify for an extra 40% discount on your rate as long as you have a "strong belife"



    ​hahahaha brillaint il ask for that

    some banks use the lower of the purchase price or the valuation as that favours the bank e.g. if you bought a 300k house from a relative for 100k and borrowed 90k that would be 90% ltv regardless of the value, pushing you into a higher and less favourable tier.

    however having done a web search it seems that Halifax will base it on the valuation.

    ashmac

    ​hahahaha brillaint il ask for that



    ​not really when taken in context of what you were replying to.

    If you put your postcode in on zoopla it will give you an estimate of the value . I found it to be a bit erratic though .prices all over the place on my street but good for a ballpark figure

    Original Poster

    psychobitchfromhell

    If you put your postcode in on zoopla it will give you an estimate of the … If you put your postcode in on zoopla it will give you an estimate of the value . I found it to be a bit erratic though .prices all over the place on my street but good for a ballpark figure



    ​zoopla says £125,000

    95000 of 125000 is 76%? Search for a new mortgage with whoever you want as you are on Halifax svr and shouldn't have a exit fee. When you find a product that you like apply for it and tell them that your house is worth 135000 as your neighbours sold for that. They will value your house and hopefully come to the same conclusion that you have.

    Get a couple of estate agents around to value it. Keep their valuations on letters and then use the average valuation. Submit that value for a new deal and keep the letters as evidence of the mortgage valuation comes in under. I've used this method a few times now, and it seems to work. I also mention to the mortgage surveyor that I've had it valued by estate agents.

    Do you mean you are looking for a remortgage? Lenders won't readjust mortgage rates when the value of the property changes unless you have enough equity to apply for a remortgage.

    To get the better rate that you see, you will need to apply for a remortage where the halifax will send a surveyor round to value the property. There will be fees involved in a remortage as you will need to pay for a valuation and solicitors fees.

    Remortage rates are not normally disclosed on websites and tend to be less generous than standard mortage rates, which are competitive to get your busisness.

    psychobitchfromhell

    If you put your postcode in on zoopla it will give you an estimate of the … If you put your postcode in on zoopla it will give you an estimate of the value . I found it to be a bit erratic though .prices all over the place on my street but good for a ballpark figure



    Zoopla can't value a polo mint even when the price is clearly on the shelf!

    Original Poster

    there property index said it has 94% lvt

    think il have to wait a few years
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