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Remortgaging advise
Snakes1989
Posts: 1 Newbie
Hi,
Was hoping for some advice. We bought our first house 2years ago on a 95% first time buyer mortgage. Our fixed rate is coming to an end and we want to remortgage to another fixed rate. Our LTV is currently 90% assuming the property is worth what we paid for it however property prices in our area have generally fallen since we purchased so the house would likely be valued at less than what we paid, how do valuations work for the purpose of remortgaging? Can you remortgage if your LTV is higher than 90%?
Thanks in advance, the whole remortgaging thing is new to us!
Was hoping for some advice. We bought our first house 2years ago on a 95% first time buyer mortgage. Our fixed rate is coming to an end and we want to remortgage to another fixed rate. Our LTV is currently 90% assuming the property is worth what we paid for it however property prices in our area have generally fallen since we purchased so the house would likely be valued at less than what we paid, how do valuations work for the purpose of remortgaging? Can you remortgage if your LTV is higher than 90%?
Thanks in advance, the whole remortgaging thing is new to us!
0
Comments
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It sounds like a remortgage isn't an option. (That's a new mortgage with a new lender to repay the old one!).
Look at customer retention products from your existing lender, if any.I am a mortgage broker. 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. Please do not send PMs asking for one-to-one-advice, or representation.0
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