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Remortgaging
SAMMYE_2
Posts: 244 Forumite
I am looking to remortgage in two years time. The property is being rented out at the moment but if I choose to change mortgage companies and want to go onto a residential mortgage will I need to prove I live there i.e. pay council tax?
Just thinking ahead as the tenancy I have at the moment are year long assured ones so will leave it very close to me remortaging.
Hope that makes sense.
Cheers for any help.
Sam
Just thinking ahead as the tenancy I have at the moment are year long assured ones so will leave it very close to me remortaging.
Hope that makes sense.
Cheers for any help.
Sam
[STRIKE]£106,200[/STRIKE] mortgage with 5% deposit 2 years ago on 6.99% 04/06/08 :eek:
Overpaying the max 10% per year for the next 2 years until July 2013 when I can remortgage and should be able to get down to 55% LTV.
Overpaid 10% £10,619.87 Dec 2010 & 10% £9,475 Aug 2011
Mortgage was £690 now £560
Currently £85,203 - 71% LTV 26/08/11
Overpaying the max 10% per year for the next 2 years until July 2013 when I can remortgage and should be able to get down to 55% LTV.
Overpaid 10% £10,619.87 Dec 2010 & 10% £9,475 Aug 2011
Mortgage was £690 now £560
Currently £85,203 - 71% LTV 26/08/11
0
Comments
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Not so much prove you are living there as the address history will tell them where you've been. It'll be more down to the declaration you give them to say you are now going to live in it as your main residential property and not let it out. Can't see it being an issue as long as you kept a good credit profile at your current resi address.0
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Crashandburn wrote: »Not so much prove you are living there as the address history will tell them where you've been. It'll be more down to the declaration you give them to say you are now going to live in it as your main residential property and not let it out. Can't see it being an issue as long as you kept a good credit profile at your current resi address.
Thanks very much Crashandburn greatly appreciated.
[STRIKE]£106,200[/STRIKE] mortgage with 5% deposit 2 years ago on 6.99% 04/06/08 :eek:
Overpaying the max 10% per year for the next 2 years until July 2013 when I can remortgage and should be able to get down to 55% LTV.
Overpaid 10% £10,619.87 Dec 2010 & 10% £9,475 Aug 2011
Mortgage was £690 now £560
Currently £85,203 - 71% LTV 26/08/110 -
Phoned my mortgage company and they said that when my mortgage deal ends my mortgage will switch to the current variable rate which is 2.99% which is odd because on my mortgage documents it said when my mortgage deal ends it will switch to 7.09%!? Maybe because I've overpaid its put me in a better bracket!?[STRIKE]£106,200[/STRIKE] mortgage with 5% deposit 2 years ago on 6.99% 04/06/08 :eek:
Overpaying the max 10% per year for the next 2 years until July 2013 when I can remortgage and should be able to get down to 55% LTV.
Overpaid 10% £10,619.87 Dec 2010 & 10% £9,475 Aug 2011
Mortgage was £690 now £560
Currently £85,203 - 71% LTV 26/08/110 -
Phoned my mortgage company and they said that when my mortgage deal ends my mortgage will switch to the current variable rate which is 2.99% which is odd because on my mortgage documents it said when my mortgage deal ends it will switch to 7.09%!? Maybe because I've overpaid its put me in a better bracket!?
When you took the mortgage out, base rate was probably 5.75% and their SVR at the time would have been 7.09%, the 2.99% is presumably their current SVR, it will probably be higher in 2 years time.I am a mortgage adviser.You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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