Re-Mortgaging - help me crunch the numbers please

greenbluegreen

getmore4less said:

The wage increase and the rise in value will get you closer sooner.

issue is  the H2B goes up as well
so may hit 

Without price movement your LTV is now £121k/£195k  = 62%

At £220k that's 55% LTV but needs £44k to buy out the H2B (+costs)
Total new lending £165k 75% ltv

£39k more than when you started(£126k but the £10k rise should cover that affordability(4x)

At £268k 45.2%ltv  ~£54 H2B
New lending at ~65% £175k 
£49 ~5x

I think you are in range to start thinking/costing buying out the H2B.

So going for additional lending getting a new product with higher interest rate is still a wise decision right now? I'm going to call the bank and see what how this works out.

getmore4less

Depends on what rates you can get, affordability and a guess on house price movements.

Given affordability was a previous blocker once that is out the way you are a step closer.