Fixed term mortgage on high-rise block ending in March

kate.h

I've been reading this forum for over three years, so firstly, thank you for all the advice I've already had indirectly!

I bought an ex-local authority 11th-floor flat in a concrete high-rise block nearly three years ago for £110,000. My current mortgage is a 95% LTV fixed rate capital repayment mortgage. This mortgage comes to an end in March, when I will then automatically be transferred onto my lender's SVR, which initially will save me around £120 per month on my mortgage repayments. However, I'm aware that interest rates are going rise a lot in coming months so really I need to sign up for another fixed rate.

Using some savings I currently have, I could bring the ltv down to 90% (assuming that the flat hasn't lost more value than I've estimated). So my first question is, are there any lenders out there who still lend on high rise blocks at 90% ltv?

I am also in line to receive around £15,000 inheritance when my grandparents' house is sold, although this may take a while in the current market. So if I wait until I receive this money I would only need an 80% ltv mortgage. Should I stick with my current lender's svr for the moment and wait until I have a larger deposit?

The third factor is that, ideally, I would like to buy a flat further outside London to gain some space sometime in the next 2-3 years. Should this effect my decision on which mortgage to take or if I am able to find a good fixed rate should I go with it as long as I can 'port' my mortgage if/when I move homes?

I am a bit concerned that it's going to be impossible to find a fixed-rate mortgage for my flat or to sell it, which will leave me eventually paying huge mortgage repayments when interest rates rise on a flat I no longer want to live in.

Any advice/pointing me in the right direction for mortgages would be much appreciated.

Conrad

The only high st lenders that were considering high rise conrete flats were Woolwich / Barclays, Abbey, Halifax and N Rock. Give them a call but they will need to know the type of concrete (there are many). My instinct is that you will remain with your current lender. They may offer a fixed rate anyway.

If your'e planning to move just hunker down until you sell anyway. Be aware any buyer will need to know the exact type of conrete for thier own mortgage application. Note that buy to let buyers should be avoided as obtaining a B2L mortgage on this property type is more or less impossible unless they raise the money on another property. Only a prime mortgage candidate stands any chance.

Good luck.