Hi
I hope someone can advise as I'm not great with money matters.
We are the process of remortgaging. We want a fixed rate deal. Spoke to a broker on the phone who asked the value of the house. I said I was not exactly sure but gave an approximate value 350-400k. The broker said it was best to be conservative so put the figure of 350 down on the form. Credit checks have gone through ok and a surveyor has been round to value property. I don't know exactly what the valuation was as I have not been able to get a reply from broker for around a week but I presume it's 350 as the application seems to be progressing from the check I can do online.
I've now done my own research (should have done this to start with) and see that if my property was 365k I could get a lower rate than the one offered by the broker - due to loan to value.
I think that as the surveyor was told that 350 was the figure quoted that's what he would have valued it at. I'm now wondering if I should have said 400k and the let him downgrade the valuation if necessary.
I'm not sure what to do as I'm worried that stopping the application may effect my credit rating but I don't want to pay over the odds if I don't need to.
I suppose my question is do you think I should risk stopping this application and try elsewhere to get a better rate?
Although the house on paper is worth a lot we have a fairly large mortgage so any saving would make a difference
Thanks for taking the time to read!