Please help.......remortgage

padee

I have a N.Rock 2gether mortgage.

Balance is 61k plus 13k loan which is part of 2gether deal. Flat would be valued at about 73.

I need to remortgage on 1/11/08.

Am I best trying to get 95% mortgage of 68k plus 5k loan? Can I get a 95% (or more) LTV anywhere?

I'm 2 years into a 25 yr mortgage. Should I remortgage for 23yrs?

Please help :beer:

minimike2

95% deals are few and far between and are pretty expensive. You need really to sit down with a broker who can crunch the numbers for each of your different options

herbiesjp

Indeed - there are various permutations you could look at, which will be 100% dependent on your circumstances.

So your best bet would be to talk to a whole of market adviser and see what they say to you

padee

So who does provide 95% mortgages :mad:

padee

Mortgage is not a problem its the 13k loan I have with N.Rock which runs alongside mortgage. Is this a secured or unsecured loan? Should I take out a new loan at a lower rate and then re-mortgage?

happybroker

no need for the :mad: padee!

the reason your getting non commital answers is it depends on the circumstances like the fact you live in a flat for instance.

you really need to speak to a whole of market broker or start researching lenders directly. I only get about 4 or 5 95% lenders at the moment and rates go from 7.29% to over 8%!!

Toughluck

Also we do not know if you have maintained the £13K loan OK. Sometimes N Rock charge that to your flat if you start to default on it. If that has happened wave goodbye to a re-mortgage and stay with Rock for a few more years.

If it is £68K secured you could re-mortgage that bit only. Expect a massive interest rate hike on the unsecured (£13K) bit though.

As happybroker said, don't expect the rate you are on now to what you would get at 95% with another lender generally. Lenders in a flipant sort of way do NOT want high LTV business if they can help it.

Pay a visit to a WOM broker. Also, any whiff of adverse credit and you could find it very difficult indeed.

UK007BullDog

Also look at your expenses and start saving like crazy to get off the negative equity you are already in, according to your figures. Because of that I dont think you will get anywhere without some help from a good broker.

Dont try doing it yourself as you would only damage your credit file and then you will definately have to stay with NR.