Deal coming to an end....looking to move !

bgqs

Our fixed mortgage deal comes to an end in Sept. and is with SPML.

SPML are no longer offering new products so our only option is too move to another lender however, this is not possible as our LTV is 95% and there are no 95% remortgage lenders on the market at present.

We have considered selling the house which will pay off SPML and leave us with 5% deposit realised (hopefully !).

My question is are there any good 95% fixed LTV mortgages available ? My salary is £50k PA with only a few credit commitments.

Thanks

Thrugelmir

bgqs wrote: »

Our fixed mortgage deal comes to an end in Sept. and is with SPML.

SPML are no longer offering new products so our only option is too move to another lender however, this is not possible as our LTV is 95% and there are no 95% remortgage lenders on the market at present.

We have considered selling the house which will pay off SPML and leave us with 5% deposit realised (hopefully !).

My question is are there any good 95% fixed LTV mortgages available ? My salary is £50k PA with only a few credit commitments.

Thanks

If your mortgage is with the SPML that I believe it to be. The reason that you are not being offered a further mortgage with them , is that this was part of Lehmans. SPML is a an SPV (Special Purpose Vehicle) which was used to securtise mortgages.

Suggest you contact a broker promptly to ascertain your options. As with SPML and similar operations. They appear to want to their money back now and use heavy handed tactics to do so. So you need to take action quickly.

bgqs

Thanks....yes, it is SPML that was part of Lehmans.....hoever, I am confused by your statement that they are using heavy handed tactics ?

The deal is finishing and in accordance with the agreement, our mortgage will revert to LIBOR svr which cannot be changed ???

What tactics are they using to get account holders to move ???

bgqs

Also, please can you try to answer the question as e are looking at selling and moving aay from SPML anyway ! Thanks

beecher

Can you look at cheaper houses which would allow you to have a 10% deposit? Or rent for a time until you've saved up a 10% deposit? There will be no 'good' 95% deals - any available will have you paying over the odds. How's your credit file?

Thrugelmir

bgqs wrote: »

Thanks....yes, it is SPML that was part of Lehmans.....hoever, I am confused by your statement that they are using heavy handed tactics ?

The deal is finishing and in accordance with the agreement, our mortgage will revert to LIBOR svr which cannot be changed ???

What tactics are they using to get account holders to move ???

Sorry I didn't mean to frighten you. The heavy handed tactics was in reference to people who had got into arrears on their mortgage.

Contact a mortgage broker. As 95% mortgage deals are very rare.

LIBOR is very low at the moment though unsure as to what "LIBOR svr" is in the case of your mortgage. Hopefully it will result in a fall. If it does overpay your mortgage and reduce your LTV. this will enable you to move elsewhere in the future.

From your initial comment I thought that they hadn't offered you anything!

bgqs

They haven't but that is not because of my individual circumstances....it is because they are not offering any products full stop !

Also, as I no have a good credit record, I want to go with a high street lender....I will contact a broker...thanks

Thrugelmir

bgqs wrote: »

They haven't but that is not because of my individual circumstances....it is because they are not offering any products full stop !

Also, as I no have a good credit record, I want to go with a high street lender....I will contact a broker...thanks

Don't discount the LIBOR mortgage they are offering you. Interest rates are very low at the moment.