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Help - I need a 100% remortgage

robintiger
robintiger Posts: 1 Newbie
in Mortgages & endowments
My current 2 year fixed rate with Northern Rock ends on 1/2/09. This was an interest only mortgage on 100% ltv. Based on house price calculators I've used I estimate my property to be worth roughly the same as I paid for it two years ago, therefore need to remortgage at 100%.

What are my options? Do any providers lend at 100% LTV any more?

Affordability is not an issue (i don't think) as I would only be borrowing approx 2x my salary.

Comments

  • beecher
    beecher Posts: 2,497 Forumite
    Your only option is to stay on Northern Rock's SVR as you will be unable to get a deal anywhere else until your LTV is below 90%.
  • robin_banks
    robin_banks Posts: 15,778 Forumite
    Part of the Furniture Combo Breaker
    You need a 100% remortgage ?

    :eek:
    "An arrogant and self-righteous Guardian reading tvv@t".

    !!!!!! is all that about?
  • dimbo61
    dimbo61 Posts: 13,727 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    as beecher has said your only option is to stay with northern rock on their SVR.
    You can and should change to a repayment mortgage and then overpay,overpay and overpay as the loan is only approx 2x your salary !
    The only way to build up equity in your home and therfore pay off you debt is to pay off the mortgage.
  • _Andy_
    _Andy_ Posts: 11,150 Forumite
    You will not be able to remortgage to another company. Unfortunately you'll need to stick with NR on their SVR.
  • dunstonh
    dunstonh Posts: 120,207 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    Affordability is not an issue (i don't think) as I would only be borrowing approx 2x my salary.

    If affordability is not an issue, then why are you on an interest only mortgage and why dont you have any savings?

    If it was a 100% mortgage two years ago then that probably makes it a 110-115% mortgage now. No-one is going to be interested in that so as the above posters quite correctly state, NR is your only option.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • lisyloo
    lisyloo Posts: 30,094 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Rob - What's happening to your spare money?
    If you can provide some more detail then there is lots of help aailable.

    Basically you should have spare cash which you should be using in sensible ways (savings, paying down the mortgage loan).
    Where is this cash going at the moment?
This discussion has been closed.
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