Mortgage advise

babycakes023

I was wondering if any one could give me some advise. We currently have our mortgage with Skipton & are looking to downsize. The problem we have is that we have a big penalty for coming out of or reducing our mortgage, but it does need to be done as we now only have one wage coming in. This penalty & the drop in value of our house means that we now have a very small deposit to move on with. So are there any 95% mortgages available or are there any other suggestion? ( or what is the highest ltv available?) alternatively, if you knocked down the vendor on price are there any lenders that will lend on valuation instead of purchase price?
thank you

iamana1ias

babycakes023 wrote: »

I was wondering if any one could give me some advise. We currently have our mortgage with Skipton & are looking to downsize. The problem we have is that we have a big penalty for coming out of or reducing our mortgage, but it does need to be done as we now only have one wage coming in. This penalty & the drop in value of our house means that we now have a very small deposit to move on with. So are there any 95% mortgages available

nope

babycakes023 wrote: »

or are there any other suggestion? ( or what is the highest ltv available?)

90% is the max, and you may struggle to get that (85% is easier)

babycakes023 wrote: »

alternatively, if you knocked down the vendor on price are there any lenders that will lend on valuation instead of purchase price?

nope (have you thought about what you are asking??!)

babycakes023

Thanks, I have seen some 95% mortgage but they are offered to existing customers only, so I thought maybe some lenders would offer one

CloudCuckooLand

You *may* find if you ask to port the mortgage, you only pay a proportion of the ERC, that reflects the proportionate reduction in the mortgage. Depends on your Ts&Cs.

Worth a phone call.


If not a goer, you could sell and then rent somewhere cheap for a while to rebuild a deposit.

babycakes023

i rang skipton & they will let me port mortgage & only pay redemption on the % redeemed but they now require a 15% deposit (only 10% was required when we tookout the mortgage) which we dont have

beecher2

selling and renting is probably your best bet then.