New build remortgage

moomoobonk

Hi

Can anyone offer any advice on a new build remortgage. We ported our last mortgage and the fixed rate now runs out in a couple of months.

Looking into remortgaging, we're finding it hard to find companies that will offer mortgages for new build houses for less than 75% LTV - we have 80% so not far off but not good enough

Are there any good mortgage lenders out there that are particularly good for new builds?

The other thing we're a bit worried about is a drop in value in the last 3 months since we bought it - obviously it has dropped in value but we can't afford to lose lots of valuation fees if the lender now thinks it is worth lots less - any advice on that would be really useful!

Thanks!

beecher

What about sticking with your existing lender? They're probably your best first port of call so I'd phone them and see what they can offer.

moomoobonk

Hi - I did give them a call (Abbey) but they're not offering anything very competitive and have quite a high arrangement fee...

Tiddler_2

You say the abbey aren't offering anything very competitive - what are you comparing this with? your current deal, or deals you have seen for 80%LTV remortgages?

Is it a house or an apartment that you own?

There are a few lenders who will not remortgage a property until you have owned it for 6 months so that will narrow down the options available aswell

moomoobonk

Hi - I don't think it compares favourably to other 80% LTV delasor maybe I am just wishful thinking?! They are offering 6.59% + £1299 arrangement fee....it's a house...

beecher

I think you'll be lucky to get much better than that on a new build with more than 75% LTV. If you weren't in a new build things would probably be different. Probably best to go and see and advisor though, and see if they can do anything for you.

Tiddler_2

As they don't deal with brokers I'm not sure of their criteria, but I would give First Direct a call. 5.95% 3 or 5 yr fixed max 80%LTV £299 booking fee, £299 arrangement fee.

beecher

Tiddler wrote: »

As they don't deal with brokers I'm not sure of their criteria, but I would give First Direct a call. 5.95% 3 or 5 yr fixed max 80%LTV £299 booking fee, £299 arrangement fee.

75% for new builds though. From their website:

n.b. if your property is a new build you will only be able to borrow up to 75% of its value (your property is a 'new build' if the property was built and completed within the last 2 years, including properties purchased from a builder or developer

edit: though maybe that is just their lifetime tracker as that's the only product I've looked at, so maybe it is worth phonin them.

Tiddler_2

beecher wrote: »

75% for new builds though. From their website:



edit: though maybe that is just their lifetime tracker as that's the only product I've looked at, so maybe it is worth phonin them.

Whoops didn't see that bit!!