I'm subprime; remortgage or not?

Repromancer

Hi Guys

My 2-year fixed rate is coming to an July 2009, Im currently on 5.89%. This will revert to BoE rate plus 2% after that date.

The trouble is when I bought the property for £170K, like loads of other people, lied about my income. I put down a 15% deposit thanks to my family.

My income is less than £25K. So you can imagine the what the income-to-loan ration is. My age is under 25 as well.

However I never lived in my flat. Instead I have been renting for a year now.

The rent covers my interest only mortgage, plus I get an extra £130 a month to put into my saving account.

My worry is if i want to remortgage with a different bank, they might find out I lied? And whats the best way of going abt remortgaging without been find out! Also do I have to put more deposit down because of the credit crunch?

But if i carry on with my current bank, they will charge me a lot of interest, and i really want to start paying repayment mortgage.

Your respectable thoughts very much appreciated!

herbiesjp

You committed fraud and you want help now?

Sorry to sound harsh, but this is of your own making

_Andy_

No sympathy from me either.

Toughluck

Nor me either. I cannot begin to comprehend on what you would need to do and I don't want to. Now you are realising the s*it you are in by just wanting to have a mortgage. The person that arranged it needs stringing up.

Rabiddog_2

Sell up or stick with your current lender. Ask your current lender what deals they have .. they are bound to have something better than the SVR. No-one can condone Mfraud obviously, but you did it merely for pure profit (BTL) which is really beyond the pale. You should also be on a BTL mortgage and have LL insurance etc. Really its a Rod for your own back. Check out the bankruptcy boards on here as well

Conrad

If you apply to a new lender they will almost certainly see you are not living at the risk address as you will have few if any footprints showing up. They will spot the occupants also as they will have left thier own footprints.

Buy to let is tricky where the ltv is over 80% unless the rent is very juicy.

Leighthal

Repromancer wrote: »

Hi Guys

My 2-year fixed rate is coming to an July 2009, Im currently on 5.89%. This will revert to BoE rate plus 2% after that date.

The trouble is when I bought the property for £170K, like loads of other people, lied about my income. I put down a 15% deposit thanks to my family.

My income is less than £25K. So you can imagine the what the income-to-loan ration is. My age is under 25 as well.

However I never lived in my flat. Instead I have been renting for a year now.

The rent covers my interest only mortgage, plus I get an extra £130 a month to put into my saving account.

My worry is if i want to remortgage with a different bank, they might find out I lied? And whats the best way of going abt remortgaging without been find out! Also do I have to put more deposit down because of the credit crunch?

But if i carry on with my current bank, they will charge me a lot of interest, and i really want to start paying repayment mortgage.

Your respectable thoughts very much appreciated!

What a load of old tripe.Which troll is creating a new account and posting this rubbish?(looks to the 'House Prices' board)