Remortgaging at 85% LTV (115k outstanding)

tinley

Hi all,

I was hoping to have some quick advice with regards to my remortgage. I have recently had my one bedroom flat valued at £135000 by my current mortgage provider (Accord) and they have made me a remortgage offer of 5.19%, fixed for 2 years. I have £115,000 outstanding, so it's a near LTV ratio of 85%.

On this basis, my monthly repayments are actually going to go up by £20-odd and I'm convinced I can get a better deal elsewhere. Can anyone offer advice on whether this is the case or should I be biting their hand off in this instance?

Thanks in advance!

TEDDYRUKSPIN

Actually I work it at 86% rounded up. Companies will work on that percentage. Do you know if accord carried out a market valuation or a true survey to mark your flat at £135k?

As you have used Accord, I believe you must have certain problems with income proof? Or not enough income to disclose to obtain a better mortgage in the first place?

tinley

Thanks for the reply!

Yes, they carried out a valuation last month.

With regards to income proof, well, I am a company director with 6 years of accounts. I didn't actually realise that Accord specialised in this when I got my mortgage 3 years ago.

tinley

Just spoken to another mortgage broker who also seems to think that 5.19% is a rather good deal in this climate.

I think I ought to accept their offer before it expires next week, as I'm not finding much joy with an LTV of 86%!

happybroker

tinley wrote: »

Just spoken to another mortgage broker who also seems to think that 5.19% is a rather good deal in this climate.

I think I ought to accept their offer before it expires next week, as I'm not finding much joy with an LTV of 86%!

He's quite right, this is a good deal depending on Accord's fees.

tinley

Thanks, going to bite the bullet and go for it!