Re-mortgage advice

Amatheya81

Hi,
I obtained a 100% shared ownership mortgage 6 years ago. I am now outside of my fixed rate. I don't have any deposit available, would it be possible for me to re-mortgage or would I need a deposit to do this?
Thanks :-)

leccyblue

Have you spoken to your existing lender? They may well have a deal for you to switch to, which will be by far the easiest solution if they are competitive.

You don't "need" a deposit for a remortgage, but you do need to have enough equity in your home so as to fit within the relevant LTV bracket. Assuming you are on a repayment mortgage and not an interest only one, then after 6 years of repayments you should have enough equity in your home to do this now, assuming the value of your home hasn't decreased.

The shared ownership aspect of this will complicate things and restrict your choice of lender, so you could probably do with seeing a decent whole of market broker.

Amatheya81

Thanks, sadly a mix of buying at housing peak and the property being shared ownership means that I'm only just breaking even at moment. I am hoping to sell in a couple of years but as I need to save a deposit and the rumer mills suggest interest rates are going to rise I was toying with getting a fixed rate for two years.
I will have a re-think.

kingstreet

If you have no equity, a customer retention product from your existing lender is your only option, if any are available.