Re-Mortgaging above 90% help me :(

MissBYorkshire

Hi all

I was wondering if anyone could help/advise as this is really getting me down. I'm due for re-mortgaging in June and I need a 93% mortgage. If I stay with the mortgage company i'm with now they're incresing they're rate and it will mean an extra £60 a month. I've been in a 5.9% fixed rate for 3 years never missed any payments of anything. Outstanding mortgage is £74,500 and my house is valued at £82,000.
I'm a single parent who works trying to make ends meet and the increase will just make me go under. I have rang Natwest, Halifax, Yorkshire Bank, Yorkshire Building Society with no luck even a mortgage advisor said I shouldn't bother trying but I can't see everything i've worked for disappear.
My boyfriend has said he will apply jointly for a mortgage with me but still nothing.

Please help me.

nw_man

A Loan to value of more than 90% is going to be very hard to re-mortgage I am afraid.

Who is your current lender ?

Also, it may well be possible to go for a deal with your boyfriend, but that wont actually help with the LTV problem you have at all.

beecher

I think your only option is to remain with your existing lender. What exact options have they given you and what rate would you go onto if you did nothing - would you go onto their SVR?

Go onto the Debt Free Wannabee threads for help in where you can find the £60/month. If you post a SoA there, you'll get help in cutting the bills down to save money.

MissBYorkshire

My current lender is Accord Mortgages and it would go to 7.9% staying with them. To be honest I can't see how to cut bills down even more, I don't have the heating on and all the other bills are just standard. I even cancelled all my PPI's to try and save a bit extra.

I have a loan thats £230 a month and that doesn't help matters.

Thanks for your replies

Conrad

Miss yorkshire - £60 per month extra will cause you to lose everything you say? Thats £1.79 per day - could you not cut back, say of mags or fags or something?

Also you say your BF can help - well there you are then he can pay the £60 p month or he could apply to join your mortgage if his credit his clean.

From what you say a remortgage is highly unlikely to benefit you or be accepted.

Best of luck.

MissBYorkshire

I know it's peanuts to some who can afford those things but my mum helps me out now as it is with bills so an extra £60 is a lot to some people, especially single parents, I don't buy mags and I don't smoke.

beecher

Is selling up an option? I'd definitely go onto the debt free wannabee threads and post a SoA there - there are some really helpful people over there with loads of experience in saving money, and making sure you have all the benefits/tax credits you're entitled to.

astreix

http://www.accordmortgages.com/documents/ACCM2008_INT_EBTAL.pdf

Look at the bottom of page 4 for re-mortgage with 85-100% LTV

Can you not get a re-mortgage to the fixed rate with your existing lender?

Woollie

Hi. I know exactly how you feel. You get to a point where there's NOTHING else to cut back on. Have you tried extending the term of your mortgage - that would reduce monthly repayments.

happybroker

I'm a bit worried you don't have all the info here from Accord. There current standard variable rate is 5.34%. Are you looking at the mortgage offer/ key facts illustration given to you when you took the mortgage out? If so those figures are not likely to be correct.

You need to ring Accord's Existing Customer Team on 0845 1 200 891 and they will be able to give you some cast iron answers. Alternatively you can request an online offer by filling the form in at https://online.accordmortgages.com/public/contact_us/request_direct_product_transfer.do

They will apply an index to give you an estimate of the valuation of your home, if you don't agree with this you can pay £75 for a reval which they can add to your mortgage if you don't have the cash although this will mean you pay interest on it of course and doesn't guarantee you a higher figure.

Rick62

Yes, as kthaker and happybroker have pointed out isn't the choice either their SVR of 5.34% or their Fixed (2 yrs, 85% to 100%) at 5.69%?