Remortgage after 5 years

marks1984

Hi all,

Mr fiance and I are NRAM customers (ex Northern Rock) We are just coming to the end of our 5 year fixed rate at 7.29% and will be reverting to their SVR which is 4.79%.

We brought our property for £176,000 in 2007 (our borrowing consisted of £167,200 mortgage, £15,800 and un-secured loan.

I have worked out we have paid £78,000 over the last 5 years off our mortgage but have actually only paid around £2,000 of the total balance (gut wrentching!!)

My question is, can we remortgage? i know we would need a 100% LTV mortgage but due to the fact we have had a mortgage and paid it for the last 5 years without even a late payment let alone missing one, would anyone take us on? i can understand that if we were a new customer the answer would be no. But as we have had 5 years of good history behind us would this work in our favour?

Many thanks in advance

Thrugelmir

There are no 100% mortgages available.

On the basis you can afford to. Maintain your monthly payments at the same level as they have been the past 5 years. Use the additional money to overpay the unsecured loan element of your mortgage. Given time you'll start to make inroads into your mortgage balance.