Advice on remortgage application

wtanih

Hi.

I would appreciate any advice on my application. I applied to the Nationwide in the middle of July for a remortgage to organise something for when my fixed rate period comes to an end on the 31/12/08. I have just found out the valuation on my flat has come in under what I had estimated. Let me say that I have no problem with the valuation itself but with a change in LTV rules that has resulted because of it.

"valuation" on application: £150K wanting £125K remortgage (£105K on paying off previous mortgagee and £20K on debt consolidation on an unsecured loan). I was given the rate for 90% max LTV and the LTV initially was 83.3%.

The valuation has now come in at £140K and the Nationwide will only advance me £119K being 85% LTV and this they now say is the maximum LTV allowed when debt-consolidation is involved.

This however was never mentioned when I made the application. Had I known that I only had 1.7% leeway on the valuation I wouldn't have made the application at all with them. I'm quite peeved by this as I have possibly wasted my time and their time.

I have not paid any fees up front so I can walk away but the question is do I walk away and or stick with it and refinance the unsecured loan shortfall £6K (and thus save on heck of alot of interest).

I also do realise that another surveyor may value the property even lower

Can I get 90% LTV with other companies when debt-consolidation is involved? Credit history good, no other credit card debts and main income is £32K.

Many thanks
Bill

grogdog

wtanih wrote: »

Hi.

I would appreciate any advice on my application. I applied to the Nationwide in the middle of July for a remortgage to organise something for when my fixed rate period comes to an end on the 31/12/08. I have just found out the valuation on my flat has come in under what I had estimated. Let me say that I have no problem with the valuation itself but with a change in LTV rules that has resulted because of it.

"valuation" on application: £150K wanting £125K remortgage (£105K on paying off previous mortgagee and £20K on debt consolidation on an unsecured loan). I was given the rate for 90% max LTV and the LTV initially was 83.3%.

The valuation has now come in at £140K and the Nationwide will only advance me £119K being 85% LTV and this they now say is the maximum LTV allowed when debt-consolidation is involved.

This however was never mentioned when I made the application. Had I known that I only had 1.7% leeway on the valuation I wouldn't have made the application at all with them. I'm quite peeved by this as I have possibly wasted my time and their time.

I have not paid any fees up front so I can walk away but the question is do I walk away and or stick with it and refinance the unsecured loan shortfall £6K (and thus save on heck of alot of interest).

I also do realise that another surveyor may value the property even lower

Can I get 90% LTV with other companies when debt-consolidation is involved? Credit history good, no other credit card debts and main income is £32K.

Many thanks
Bill

yes plenty of lenders will debt consolidate up to 90%. have a go with cheltenhan and gloucester

arkie

halifax as well