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Mortgage query-house revalue?

  • 21-01-2020 10:50am
    #1
    Registered Users, Registered Users 2 Posts: 1,326 ✭✭✭


    We bought a new build house just over 2 years ago at approx 85% ltv and fixed over 3 yrs at 3%. However houses in my area have increased in value and now the value of my house would be more now which would bring my ltv down and give me a chance of better rates. However is this something that banks do? How does it work? Do I just get a new value on the house? I have 10 months approx left on the fixed rate (aware of possible break clauses etc). Just thinking of future options when the fixed rate finishes. Thanks.


Comments

  • Registered Users, Registered Users 2 Posts: 1,256 ✭✭✭Trish56


    When you received your 2018 mortgage statement in 2019 your lender should have notified you that you were entitled to reduce your loan to value rate. I'm not too sure if you are on a fixed rate if it applicable however it is definitely applicable on a variable rate. You should ring your lender for clarification.

    When you're fixed rate is up you need to contact lender regarding loan to value rates both fixed and variable and arrange an up to date valuation and you will then be put on the correct loan to value rate.


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