MMR - Remortgage

scoops82

Hi Brokers


I managed to secure my 2 year fixed rate mortgage at 90% LTV just before the MMR came into play. I'm unsure how I will be viewed when it comes up for renewal and would like to get myself as prepared as I can be. We bought a house that needed to be done up so we are hoping we have increased the LTV %.


My details at the time of remortgaging will be


Estate Agents Valuation £162,000
O/Standing Mortgage £113,250 = 4.1 X Salary &
Salary £27,600




My partner lives with me and contributes to both bills and mortgage but the property is in my name alone - I have been told if she signs something to say she doesn't have a financial interest in the property then it shouldn't be a problem.


I have a second property that I couldn't afford to sell at the time of buying as I would have lost money. I have a CTL from Intelligent Finance for 3 years which they will apparently renew with no questions asked (they have an expensive fee for this).


Property Value = £77,000
Mortgage = £74,000
Interest Only = £176 pm
Rent Income - fees = £435 pm Money kept separate from normal bank accounts so its self funded and am making overpayments with the rental income to increase LTV%


Can anyone see a potential problem in me getting a new deal, will I be restricted to certain lenders because of the 2nd property?


Sorry for the long post.


Thanks
S