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best way to remortgag3
joolsteare
Posts: 24 Forumite
I have a buy to let mortgage with Birmingham Midshires (about 5 years old now) & contacted them to enquire about a remortgage to release £4000. They say they only use brokers now. My credit rating is not good (not all my fault!), what do people reckon my chances are? The present mortgage is for £86950, present house value & 105K to £109K, monthly rental £475. Sorry if I sound dopey, I've never done this before!
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Comments
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Credit rating not good? How bad?
How come not your fault? You didn't pay bills on time? If not how and why not?!
Your LTV is very high (which is not good at all) - 82%.
Not an expert but I think it's not looking good
Feb 2012 - onwards MF achieved
September 2016 - Back into clearing a mortgage - Was due to be paid off in 32 years in March 2047 -
April 2018 down to 28.00 months vs 30.04 months at normal payment.
Predicted mortgage clearing 03/2047 - now looking at 02/2045
Aims: 1) To pay off mortgage within 20 years - 20370 -
Even if you could remortgage. This would incur you additional costs, i.e. product fees , valuation fees and legal fees.
Your credit rating may scupper any plans anyway.
Perhaps BTL isn't for you.0 -
There are very few (possibly no) BTL lenders who will lend at 82% loan to value. So even without the credit rating issues, I think you'd struggle to qualify for the loan you already have if you were a new borrower.
I think BM has a minimum amount of £5k for further advances, and (generally) a maximum LTV of 75% (source). So even through a broker, BM won't lend further money.0 -
Sorry, as suggested no chanceI am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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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