General mortgage question

M0ney

Hi,

It isn't until next year but my mortgage fixed term will end around one year from now (end of Oct '17).

I'm currently with Newcastle BS, when my 2 year fix comes to an end do I need to go through an extensive mortgage application again to get on to one of their better deals?

Currently my rate is 4.38% because I got a 95% LTV deal but there is a 2.99% two year fix for 90% LTV mortgages the last thing I want to do is end up on the SVR which is 5.99%.

The reason I think there might be a little bit of an issue if the re-evaluated my income/outgoings is that in the last year I have gone from earning £63k/yr to £27k/yr.

My current borrowing includes;

A BtL mortgage, balance outstanding (Oct '17) ~ £50k property value ~ £90k (five year fix, ending Jan 2020, I think). Rental income 450/month, mortgage payment £663/month (only 8 years left on the term).

Residential mortgage, (the one I intend on changing in 12 months), balance outstanding (Oct '17) ~ £100k, property value ~ £115k, current month payment is £574/month.

kingstreet

We do not know what your existing lender will require from you in return for a customer retention product.

We do know that you will undergo full status and affordability checks if you remortgage elsewhere.

M0ney

OK thanks, just hoping they won't put me through all the rigors otherwise I could end up paying as much as £100/month, if they deem it unaffordable for me, whereas I with the right deal from my current provider I could save over £100/month.

AnotherJoe

Is your BTL let to a family member or friend? You seem to be losing money on it.

M0ney

They are a friend but the reason for that is that I took the mortgage out over only 10 years in order to get it paid off ASAP. The interest portion of the mortgage is currently only around £200/month.