Really need some Re-mortgae advice

Sneaker

As above, I've been trying to re-mortgage for almost 3 months with the help of London and Country.

My fixed term ended with Alliance & Leicester at end of April, I'm now on their standard rate of 4.99% and have a mortgage of £155000

I wanted a 5 year fixed, so was advised to go for Nationwide at 5.89%, the valuation came back at £180 000 and they'd lend me £144000.

My next attempt was for a 3 year deal with Nottingham. They valued the house at £165000 based on others sold in the area (only 2 houses in the past 2 years and both re-possesions so sold really cheap)

Basically what are my options, I've lost booking fees of £100 with Nationwide and £200 with Nottingham and can't afford to waste any more. However I would like a fixed deal.

Alliance & Leicester offered 2 years at 4.99% with £999 arrangement fee.

Is there away to take the £144000 option with Nationwide and leave £11000 with Alliance & Leicester.

I'm getting really stressed so would appreciate some help.

Thanks in advance.

Thrugelmir

Unfortunately you are unable to have 2 mortgages from primary lenders on the same property.

At the very least make overpayments on your mortgage to improve your LTV. There are no easy answers.

Gareth83

take the 2yr fix deal from alliance and overpay to what the most you can afford is?

Gareth83

take the 2yr fix deal from alliance and overpay to what the most you can afford is?

Sneaker

Thanks for your advice.

Joe_Bloggs

Looking into the figures the Notts reckon that you have 155K/165K or 94% Loan To Value. The value bit is the shock as many thought that house prices could not fall. If distressed sales are the only sales then it is the nature of a depressed and falling market.

The Nationwide say no to 155K/180K = 86% LTV and they say they will lend 144K/180K or 80% LTV.

The interest on 155000 @ 4.99% is 7743.5 per year or 644.50 a month. Anything over this will eat into the 155000.

Whatever you do, think ahead to your deal after your next one. What will your LTV be then ? You may be in the same position, stuck on Santender SVR and offered little choice.


J_B.