Remortgage with low LTV

superspudking

My girfriend and I bought a flat with 10% deposit and a 2yr fixed rate which ends in about 6 months. Comparing on other sales in the development we believe that we are not yet in negative equity but have a very low LTV. Abbey will put us on the SVR after the 2 years.

Will I go on to the current SVR or the one set when I started the mortgage?

Can abbey stop me from going on the SVR as it's lower than my current rate?

As an existing customer is it likely abbey will agree to put me on another fixed rate deal (currently around 3.79) even though I don't have a high LTV?

Can anyone suggest a better plan to aim for?

Many thanks

betmunch

You have a very high LTV, not a low one.
You will go onto the current SVR rather then the one quoted when you took the mortgage.
Abbey cannot stop you as its in the offer that you go onto SVR
I think Abbey are unlikely to offer you any fix, and certanly not a nice one like you have now. But the only way to be sure is to ask them
From what you have said I believe you will be going onto the SVR whether you like it or not. Enjoy it while its low!

Hope this helps

sammyjammy

You have a high LTV not a low one!

Abbey is unlikely to let you go on a new fixed rate as it will have an LTV assocaited with it which you cannot meet, you don't have any other choice but to go on the SVR and pay as much as you can afford to, you'll not get any offers from anyone else if you are in/v close to negative equity.

It looks like a fixed rate deal with Abbey requires at least 75% LTV if you want a rate of anything below 5.5% anyway.

Also Abbey are not known for offering good deals to existing customers, if you look on their website they suggest that existing customers give them a call so tehy can look at what they can offer you, this impies they won't let you go onto one of their fixed rates no matter what your LTV.

Sam

betmunch

ah ha! Beat you to the punch!!!

I was thinking neg equity myself, but didnt want to say anything as I dont know the area. If the flat was from round our way then hes probably looking at 115% LTV going on when it was bought!

Robert_Sterling_3

The SVR will be the one in operation on and after you move on to it.