Hesitant to make over payments?

danzx2

Thrugelmir wrote: »

The valuation would need to meet the LTV criteria for the product you are applying for.

So overpaying as much as you can afford for a period of time will pay dividends in the longer term.

Sure, but the bank would surely arrange a valuation themselves. What if that didn't meet the LTV?

Thrugelmir

danzx2 wrote: »

Sure, but the bank would surely arrange a valuation themselves. What if that didn't meet the LTV?

Then the lender would decline your (re)mortgage application.

danzx2

Thrugelmir wrote: »

Then the lender would decline your (re)mortgage application.

Would this affect my credit record?

alexlyne

Thrugelmir wrote: »

Then the lender would decline your (re)mortgage application.

Is that an automatic rejection, no recourse?
If it was a couple of K over a threshold would they not give you the chance to pay off a bit more of the outstanding amount?

Thrugelmir

alexlyne wrote: »

Is that an automatic rejection, no recourse?
If it was a couple of K over a threshold would they not give you the chance to pay off a bit more of the outstanding amount?

There has to be a line drawn somewhere.

RenovationMan

OP, your best bet is to go and see a mortgage broker and get proper advice. Internet forums are great for general information and tips to help you get 'clued up', but there reaches a point where you have to seek professional help.

An independant mortgage advisor will look through a wide range of mortgage products and let you know exactly where you stand and whether there is anything you can do to improve your standing (such as overpayments on your existing mortgage). The advisor will be able to do this without having to trash your credit record with a series of failed mortgage applications. S/he will know which providers to contact and which to avoid without wasting time and effort contacting providers who are inappropriate for your requirements.

We contacted a mortgage broker and he sorted us out with a mortgage that was 5x my annual salary - something that many people on here had stated was impossible post credit crunch.