remortgaging next year on 100% mortgage: advice pls?

getmore4less

beecher wrote: »

Are they likely to do so if they know the borrower can't leave due to having an LTV of more than 90%? Genuine question.

I think the real trick is not to tell them, start with a general inquiry well before the current deal ends asking what the options are.

Helps to have done some research on the public offerings and what they will lend to existing customers and have a target of what you would like to be offered.

Looking at A&L site, there is a table for existing borowers

http://www.alliance-leicester.co.uk/mortgages/existing-customers-rates.aspx

I would avoid the 75%LTV that will trigger a valuation(using halifax index), the other may not.

Best offering with no fees looks like the tracker which is 6.99% a bit better than the SVR of 7.19% but sounds like it will be the same as what the OP would go onto anyway.

For new borrowers 85% LTV and the rates are the same on the no fee tracker.

I would prepare for that rate as it is likely to be the best you will get.

larryuk

Ok, thank you once again for the great replies.

I will have to take a look at the mortgages, and what is offered, I suppose the problem is that it can vary a great amount in the space of a year!

At the moment (and it may sound silly), but I do not really mind what type of mortgage it is, provided it can provide us with just another couple of cheaper years. By that time we will clear the car loan and any other debts and will have a lot of extra income to be able to put towards the mortgage.

P.S I am canceling Sky and some other things this week in order to prepare for the worst next year, and get ourselves in the best position possible!!