LTV of 85% and High income multiple needed

MissNaomiBird

Hello

I wondered if anyone might have any ideas.

I am coming to the end of my mortgage (in a week - eek!) I have been looking around for a new product (tracker) that will allow just under 85% LTV, and an income multiple of just under 5x. it also needs to have no or very redemption penalties as I am looking to move. At the moment I have found nothing and will head onto my SVR at 7.09.... ouch.

I have a very good credit rating and no debts of any kind.

Any ideas or lenders I can try gratefully received.

thanks

CSobko

Skipton lend based on affordability and have a 6.74% tracker, no penalties from day one, no fee's no legals and no val fee.

Not many lenders out there now with no penalty rates

CSobko

If your looking to move why not get a rate that you would like to stay on and port your mortgage to the new property?

herbiesjp

Left it a little late.

A re-mortgage can take between 4-6 weeks to complete as a rule of thumb. It can be quicker but use this as a guideline.

How soon were you thinking of moving?

Ross_Hampton

Alliance & Leicester at 5.89%, is portable so early redemption fee can be avoided and depends on affordability rather than income but no free legals or valuation

Toughluck

CSobko,

The info you supplied either you are my worse nightmare by means of a clued up client or a broker. Can you disclose either way ta.

MissNaomiBird

Would happily get a product that I can port but I don't want want to be tied to completing within 3 months which seems the norm with most lenders, I would like the option of 6 months.

I have an offer with Scottish widows at £5.99% but the start up fees cost almost £2000 so it doesn't seem like the best deal.....

herbiesjp

MissNaomiBird wrote: »

Would happily get a product that I can port but I don't want want to be tied to completing within 3 months which seems the norm with most lenders, I would like the option of 6 months.

I have an offer with Scottish widows at £5.99% but the start up fees cost almost £2000 so it doesn't seem like the best deal.....

Not sure I undertsand this

Your current deal is expiring now, and you will move onto SVR rate of 7.09%

Are you saying that you would like to get something agreed and offered, which you can start at anytime within the next 6 months? So you want to float on SVR?

If that is your thinking, then be very careful as without knowing your details, I can only give indications - but your property value could fall lower than it is currently and then impact on the deals available to you.

Also, as I type, I am getting emails from lenders saying that they are withdrawing tracker deals, and are either not replacing them or increasing the tracker margin by the 0.5% drop we have just had.

Porting again is a facility that may be granted - if you move house, your mortgage will be fully underwritten again, and if either your circumstances have changed or the lenders criteria has changed they mot not agree to the porting which can leave you paying a penalty fee - please do not take porting for granted as a guaranteed option you have


Have you had a formal mortgage offer letter from Scottish Widows i.e. have they done a survey, solicitors written to you etc, or is that just a quote you have had?

There are deals out there to be had, but it will depend on your exact circumstances as to which lenders will want to help

lyndasharp

HSBC's fee free tracker might be worth a look, no arrangement fees or valuation fee and they are quite generous with their income multiples given what they were prepared to lend me!

MissNaomiBird

Basically I am trying to sell my place now but it is impossible to tell whether I will (I don't have to sell but i was thinking of selling, moving to my mum's and then hunting for my own bargin house) That's why I am nervous of tying into anything as then I will be forced to buy a house within a set period of time e.g. within 3 months of selling my place which won't give me much breathing space.

that's the only reason really I am considering moving onto the SVR as i am nervous of redemption penalites.

I do really want a tracker though so what you are saying is scaring me!:eek: