We own our little house in Surrey for 2 years now. That means that our first mortgage deal is running out. I had a look at new deals with our bank to switch to and I was interested in their 4 years fix. We think that rates will go up so it makes sense to fix it for longer. I have popped into our local Halifax and spoke with manager. It looked like we were just above 60% Loan to Value (LTV). To get the best rate (which is below 60% LTV) I have paid £6000 into our mortgage (from our savings).
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I have been wondering how we got in 2 years to 60%? When we bought the house we were borrowing something as 75% LTV. It looks like Halifax has its own valuation and they valued our house to over £302,000.00!!! We bought it 2 years ago for £230,000.00!
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So it shows you how crazy prices are here in Surrey. Our house value is £72,000.00 more than 2 years ago.
Thanks this craziness we got 3.24% rate fixed for 4 years. It means paying about £862/month. £100 less than we are paying at the moment. Over 4 years saving of £4800.
It pays off to be looking around and try to get the best of the deals! :-)))
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