Mortgage sub accounts?

Jamsterthehamster

please can you help me..
Probably a daft question but here I go..
i have a mortgage with 2 sub accounts
1 is for the bulk circa 100K
the other around 20k

overall both equate to 90% ltv

my question - do i have to have the same deal on each when i renew?
ie; have a fixed rate for part 1 and stay on the svr for part 2?
my lender is C&G
thanks

***C&G now say its a ltv of 107% and cant help. - svr or get outta town!***

cal1_2

Hi

I have just completed on a mortgage with Britannia and I have 3 sub accounts. Two of them are on a fixed rate (the largest % bulk) and a smaller amount on the SVR.
So no, I don't think you have to have the same deal for both sub accounts, but you'll have to check C&G;)
Hope that helps:D

Jamsterthehamster

thank you for replying!
spoke to them earlier - and it is possible

although cant fix as my ltv is now 107% from my original 90% - !!!!!!!

Mrs_Bumble

Do both sub accounts products end at the same time?

Jamsterthehamster

The main one ends in october, the smaller one in sept.
we've been on a interest only so far on both, but will be going onto repayment.
we originally took out the 113k to buy our 1st flat in sept 06, kids came so we moved in dec 07 hence the second 22k.
currently our repayments re £680pcm interest only combined.
affordable, but really need to start repaying.
to be honest, we were strung-in by the 'home owner' status in 06, we had planned to start to repay after the 3yr fix ended but circumstances changed.
due to the lower house prices we cant move the morgtgage as our ltv is high.
Originally, i was looking at a 90% deal on the 135k as a whole, not taking into account the fact our mort was 2 sub accounts, meaning the rate i was looking at was above 7.3%
do you think seperating the deals will actually help, or will i get 'screwed' by the bank?

nb: we moved as we had a flat in a student area - not suitable for a baby

Mrs_Bumble

The lender will treat them as two separate things and so you can have them on two different products, as one ends in sept and one in october I personally would wait to see what they offer at the end of October and try to get the end dates for the 2 accounts the same.

See what they offer, there is nothing stopping you putting them on two different deals or both on the same one, just depends on what they have to offer, they are not going to be looking to 'screw' you.

Jamsterthehamster

C&G rang me tonight (545pm on a friday - happy days!) they are telling me now that my house is only worth £124K and i now have a LTV of 107%
They are unable to offer me any new rate other than SVR unless i can produce a lump sum.:eek:
I had applied for a fixed rate repayment on sub account 1, the bulk of my mortgage.
Whilst the SVR is great at the moment, i really wanted to fix, even if it was over 7%.
But to be told my house is worth £25k less than i paid 18 months ago is a real shocker, especially as it was already reduced from £165k to offers over £150k.
They informed me that the price was correct as at the end of July, & the next re valuation (not actaully a valuation on my property but from their computer sources) was due in November, co-insiding with the end of my deal.

Basically my question is... -any ideas?

Mrs_Bumble

Have you checked the valuation on sites like https://www.zoopla.co.uk ?

Jamsterthehamster

hi, yes, zoopla say £130273, still below my valuation but 6k more than c&g's

Jamsterthehamster

also, my neighbours - same houses range from 132k to over 152k?
(same 3 bed semis)

Jamsterthehamster

I must say, at this point, i'm seriously worried i'll lose my home once the b'o'e rates rise.
is / are/ or has anyone been / in a similar situation?