We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Remortgaging, Is this possible
Comments
-
I've come to realise that many people use the word "remortgage" to mean a great many things. Only a subset of those things are a remortgage.Its a further advance? That's what I was missing.
The OP says taking a new mortgage so I thought hes taking a new mortgage. Silly of me.
A further advance could work subject to the points you made above
When I read "remortgage" I read "something to do with my mortgage" and then assume that they mean whatever "something" that makes the most sense.0 -
That's all they can do to keep to 60% LTV.somethingcorporate wrote: »Why only £94k OP, makes sense to offset as much as you can afford.
Whether it is worth them breaching that barrier is yet to be seen.
But I must admit that I missed that when I first read it. In which case the different tie-ins on the two loans would come into play (point 4 in my earlier post).
Hopefully the difference between 94k and 146k can be met with (a) the OP's existing savings and (b) stoozing...0 -
The challenge will be to explain the release of £94k of equity to the existing lender. Also whether the lender will be interested in offering an additional product. As lenders will be very much aware of the games that get played.0
-
Yes, no idea really what to say to them...Can I borrow more money from you in order to save paying interest to you.
I checked their website and 65% is LTV gets you the best deals which would be £114k, i have £31k offset atm, so the whole mortgage at 3.79% could be offset.
The current 3 year fixed deal ends April 2018, my existing mortgage fixed period is to Dec 2018. So I would repay any new borrowing before old borrowing expires.
Have to have a think about it a bit more and then get on the phone to them. Saving £5k for making a phone call and sorting paperwork out has to be worth it.0 -
I think you are looking at the remortgage products still.
You need to look at the additional lending ones. Higher interest but lower fees so could even work in your favour.
Good luckI am a Mortgage Adviser
You should note that this site doesn't check my status as a Mortgage Adviser, 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 -
You cannot take a new mortgage product on a property with the same lender without settling the existing one and paying the early redemption charge.I 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
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.7K Banking & Borrowing
- 253.4K Reduce Debt & Boost Income
- 454K Spending & Discounts
- 244.7K Work, Benefits & Business
- 600.1K Mortgages, Homes & Bills
- 177.3K Life & Family
- 258.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards