Best Morgage? 90% LTV

whitwori1971

Hi Currently I am mortgage free having just sold my house. We are at 'In laws' until we can move into our new house- waiting for owners new build retirement flats to be finished so we can go.

We are currently with NR fixed until Dec 08, i had to pay an early redemption charge which will be refunded once we complete on the new house.

I will then be in the strange posistion of paying one month prior to soucing a new mortgage.

We will put on a 10% deposit leaving a LTV 90%.

What would be the best fixed rate?, do any have free fees?, in not fee free can it be added to mortgage?

Any help appriciated very stressed (and cramped at the mo, 4 in one bedroom)

mic200202

Prob is that you got to take out the new loan with NR so you can get the repayment fee back...they will port the old product over to the new home loan - but you only have the benefit of this for one month.Then you are straight into a remortgage cos they aint got anything for existing borrowers looking for a new deal. You also need to make sure NR will accept the old deal at a 90% level for the purchase.The old rate may have been on a lower loan to value,which could mean they cant do it, or you could be borrowing more money which in turn means you may end up with more than one product ie the old product up to the amount of your previous mortgage and then a new deal for the top up extra amount. This extra amount would invariably come with ties in which will take you past Dec 08 and create diffs.
Then you may have to write off the fee and look for a 90% deal elsewhere. But you do need to take some advice further on this.

Tom_Kelly

I presume that NR will move you to SVR at the end of the deal period and you will then have your redemption charge back. Remortgages take around 4 to 6 weeks to complete meaning you have plenty of time to find a new deal. Lending and rates are just settling down now and what is available in December and January will be different from today. Interest rates will be cut by around 0.5% again in November (probably!) so use this time to find a good broker. Ask for details of their charges and ask for example quotes detailing all costs. Plenty of internet/telephone based so you should be able to get the info you are looking for.