Help Me Remortgaging PLEASSSSSSSSSEEEEEEEEE

coldasfire

Hi Every one,

I am one of the thousands who are benefited from this forum and am thankful for every single advise, in advance, which will come to me for my queries.
I am on a Standard Variable Rate at the moment with NRAM (Northern Rock Asset Management) of 4.74%. The amount left on the mortgage is £183000. Its a Interest only deal which I have from NRAM and I am putting £350 each month on top as an over payment for my current mortgage. At the moment my outgoing are 1 but like a lot of you am concerned about the rise in BoE interest rate. My current property value as per the houses sold in my area and what my property holds is between 215000 to 220000. The best deal I have found so far is from Accord Mortgages for 3.79% variable (BoE + 3.29% for 2 years) but am wondering if there can be a way to get the high street banks giving me some deals which I am missing by few % (2 to 4%) as my LTV comes to almost 85% not 80% . Please help as I want to get a deal which can help me with my life and spending. I also have a £10000 debt which is on a 0% Virgin Credit card. I hope that will not be a deal breaker as well. Please all (specially the financial advisers on the forum or people who have knowledge on these things) help me out.

Waiting for your knowledgeable response. By all means let me know if I need to mention any thing further here

jonathanmiller

If you're at the £215k value, then the Accord deal is very strong. Still opens you up for rate rises.

A key point is that most lenders on a remortgage at that loan to value will insist that the mortgage is on a full repayment basis.

Accord tweaked their affordability calculator back end of last year which seems to have reduced the amount they lend. They also dont include some income streams that were previously available.

theoretica

I see that the Post Office advertises up to 90% ltv.

coldasfire

Thanks very much for the replies so far. I believe that Accord deal is good however some thing extra ordinary would be the deals which are going on for 20% mortgages which I cannot qualify for considering I have only 17% in my equity.
@jonathanmiller. Do you think there is any thing else available apart from Accord deal which I have mentioned. I was thinking may be HSBC can help me out as they are advertising there re-mortgage deal Discount of 0.95% from the HSBC Variable Rate for 2 years, currently 2.99%. Reverting to the HSBC Variable Rate, currently 3.94%. The overall cost for comparison is 3.9% APR. Thats with 85% LTV or Life time tracker tracks the Bank of England base rate plus 3.39% for the term, currently 3.89%. The overall cost for comparison is 4.0% APR. Do you think there is any possibility for me not having this rate?


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saverjustice

Try your bank account provider, it will have your history.

Another good place to go is Nationwide.

coldasfire

I have chosen Skipton building society and have my valuation done to my house. The valuation results were less than what I was expecting My house value as per them was £200000 instead of £215000 what I was expecting. I did a search in my area and found that a house similar to mine was sold in the area for £237000 and Zoopla is advertising my house for £212000. I also have end of my street a house similar to mine been advertised on £249,950. Also, as per Mouse Price.com I have my property estimated at £239000. I am quite disappointed and concerned on how come they have valuated on such a low price. Is there any way I can challenge it please as because of this, the bank can only give me £170000 where as I need £182000. Please help as I dont know what to do in this situation. Appreciate all replies from all of you as a part from this forum I don't have any where I can go and do any thing.