87% LTV, possible to remortgage or not?

hellsbells120780

Hi, I have about 87% LTV is it possible to remortgage on that does anyone know please? My rate at the moment is 5.99% I think.
Thank you. I was fixed at lower but have come out of that now onto standard variable rate.

ACG

Yes you can, plenty of deals available.

hellsbells120780

Do you know what the banks take for the valuation? I live in Aberdeen and it has it's own kind of housing market because of all the oil people I think?
Thank you.

ACG

It varies, some will do a desktop valuation where they do it from a computer. Others will send round someone to do a valuation - it will probably be the latter for you as its close to the 90% threshold.

hellsbells120780

Oh right OK. Thanks.

hellsbells120780

L & C broker has been on the phone. He says fees on variable rate mortgage likely to be higher than fixed rate fees. Am wondering whether to go for variable rather than fixed rate or not because of this?

Also, if i move house within a fixed rate, will this be costlier?

kingstreet

Have you asked your current lender about the customer retention products that might be available to you?

Not having to remortgage may mean not having to worry about paying fees.

If you do need to remortgage, the amount you owe will determine if you are better off with a no-fee/higher rate option, or the alternative, where a bigger mortgage is best suited to the lowest rate with a fee payable.

koexelek

kingstreet wrote: »

Have you asked your current lender about the customer retention products that might be available to you?

Not having to remortgage may mean not having to worry about paying fees.

If you do need to remortgage, the amount you owe will determine if you are better off with a no-fee/higher rate option, or the alternative, where a bigger mortgage is best suited to the lowest rate with a fee payable.

I would not have thought it would be wort remortgaging at above 85%.
Any new rates with other lenders at that loan to value will be very similar to the current 5.99%, there will be new set up fees, and they are likely to tie you in for at least a couple of years.

agree it's best to stick with current lender and see if they will offer a new deal better than the 5.99%