Remortgage - deposit?

jozxyqk

Hi!

VERY long term lurker...hmm makes me sound a bit dodgy written down like that...!

DW and I have been on a repayment mortgage since buying in 2007, just before The Crash. If the house was valued pessimistically / realistically, our LTV is probably in the 90-95% region (it was ~88% when we moved in, grrr).

I know we'd be unlikely to be able to remortgage onto a better deal right now. We do have a small amount of cash in addition to an emergency fund; is it possible for us to go to a lender and basically say we have (e.g.) 7% equity, here's some cash to make it up to 10%?

Or is overpaying the mortgage then shopping around only way to go? Obviously a lot depends on who's valuing the house, there has only been a couple of sales in our postcode this year.

kingstreet

If you can find a lender willing to give you a remortgage at 90% on a decent rate, you can make up the 10% however you choose, equity and cash. You simply give the cash to the solicitor in advance of completion.

Does your existing lender have a customer retention product you can choose, instead of the remortgage?

What are you trying to achieve?

jozxyqk

Thanks for your reply

I tried our lender (Santander, originally Abbey) in Oct and the best they could do was fix at the SVR. If we got below 90% there may be better deals - no guarantee of this of course.

Ideally looking for a lower rate to allow greater overpayments, with the ultimate goal being mortgage free well before retirement....although ideally we'll be moving in the next year or 2 so I suppose we're actually looking to maximise our deposit.