Desperate for remortgage advice please

Cheeks37

Hello, we need to remortgage now as our current mortgage deal has expired.

Our current mortgage deal -
One Account, interest only
£192,500 for 25 years, SVR

We would like to remortgage to approx £206k to release some equity to do some renovations and to pay off some debts. Our flat has been valued at £265k+ by 2 real estate agents and our broker found a tracker mortgage at base rate for 2 years however the lender will only lend to 75% of the value and their surveyor valued our flat at £250k. Can we appeal this?

Our joint income has now changed from when we originally got our mortgage as we have had a baby in the last year. It is now £40k.

We also looked at the Furness mortgage but apparently they are particular about income multiples so I do not think it would be worth us applying with them.

Thanks for your assistance.

Cheeks

herbiesjp

You can appeal - you need to get details of similar type properties in the immediate area and the actual sale figure the property achieved.

The lender will then forward to the surveyor to see if they will change their mind - they might, then again they might not.

If not, you will have to look at deals with a higher loan to value of 85%.

However based on your incomes (without knowing if you have any other debts) you are already over 5 times joint income, so well over the limit for most lenders.

One or two may agree it for you, but you need to be 100% certain that it is affordable to you both