YBS interest only mortgage

hutchy

This is my first post and I would appreciate some advice.
I was made redundant before christmas, and now like the rest of the country is looking to reduce my outgoings.
I contacted my bank for some information about changing my mortgage to interest only.
My mortgage 3 year fixed deal has also just finished and I'm now on svr.
They have said that my LTV is just over the threshold at 75.27(very precise), they have suggested that I have a new valuation and perhaps then I'll meet the LTV required.

My queries are
are they just trying to cash in by me wanting to go onto interest only
do I look for a new lender with interest only deal but then there's application fees etc.

Thanks in advance for any advice offered

VIGILANT22

If you have no income, no point in going to a new lender...
In money terms how much is the .27%

_Andy_

hutchy wrote: »

are they just trying to cash in by me wanting to go onto interest only

But you asked THEM to go interest only !

mmcmahon

I would get a valuation, I'm with YBS, they're charging me £75 for one. Their LVR estimate is way off.

hutchy

mmcmahon thanks for the advice.
Its nice that I've had a reply not in capitals which was a bit pointless and
is often taken as someone shouting.

Wutang_2

hutchy wrote: »

mmcmahon thanks for the advice.
Its nice that i've had a reply not in capitals which was a bit pointless and
is often taken as someone shouting.

or EMPHASIZING a point.

opinions4u

hutchy wrote: »

are they just trying to cash in by me wanting to go onto interest only

No. They are trying to establish whether or not you meet their criteria for interest only. At present, you don't.

A real valuation may change that, but if it doesn't you have spent £75 for no gain. Alternatively, could you find the 0.27% and reduce the debt (as it's only £270 on a £100k loan).

do I look for a new lender with interest only deal but then there's application fees etc.

Do you have an income that a lender would use to consider you for a new mortgage?

beecher2

Do you think their valuation is out, having looked at what houses have gone for in your neighbourhood? My bank has my flat valued at a lot more than it is worth so it wouldn't be worth it in my position so don't think that the valuation is automatically too low.