Question about mortgage fixed rates

Haz29

So basically im getting a mortgage fixed for 2 years 85% LTV
Say for example i pay off £xxxx amount making fhe LTV 75%
Will they offer me a fixed rate judging on their 75% LTV mortgages at the time?
Thanks

Haz29

Also does fixing every 2 year affect the term in any way?

davidmcn

Yes (bear in mind it will be the then value which applies though - so if prices fall then you might still be at 85%), and no, respectively.

Haz29

So they will get the property valued again
Hmm
Imagine they value it lower to make more money lol

dimbo61

Fixing every two years means you have to swop deals with the same lender every couple of years and may well involve fees.
Remortgaging Will involve fees.
It won't affect the term
If you can get down too 75% then great as you will then get better ( cheaper deals )
Thinking long term and overpaying every month may also help.
I also think offset mortgages are brilliant

amnblog

Second thread which suggests you are looking to arrange your own mortgage with minimal understanding.

You don’t need to use the Broker recommended by the Estate Agent, but you should engage your own independent one to ensure you don’t shoot yourself in the foot.

Haz29

@amnblog
I think the one the estate agent brokers recommend are the best for me as the lenders who have the low low rates wont lend me the amount i need due to my wage.
I have comparec it with halifax and first Direct and think the one recommended is good

poppy10_2

Haz29 wrote: »

I think the one the estate agent brokers recommend are the best for me

This is wrong
So wrong

Dandytf

davidmcn wrote: »

Yes (bear in mind it will be the then value which applies though - so if prices fall then you might still be at 85%), and no, respectively.

Sensible advice -what happened to me when I missed tracker after fixed rate due to lower re valuation.

Moved in 2009 85% ltv
2018 -82% ltv
Due to lower re valuation.