Remortgage issue

beckylou77

Hi
Am currently with Northern Rock. Need to remortgage. Have been through the process with Abbey, who were happy to give us the mortgage we need but the valuer was a little tight in his estimation so we missed out on the 90% LTV by a small margin. Looking into finding the funds to cover that but.....

If that fails, can anyone suggest a reputable lender who accepts a small settled default from 2 years ago and some late payments from two years ago. (All down to a break down after a rape and Abbey were quite satisfied with my proof etc).

Have never missed a mortgage payment in 8 years and partners record is squeeky clean.

Thanks for any suggestions.

herbiesjp

There are indeed lenders who will ignore those - however it all depends on the figures involved

What are your incomes?
What is the property value and what is the mortgage amount needed?
Do you have any others debts outstanding at the moment?

beckylou77

Need £136,000 so 90%LTV would make the house valuation have to be approx £152K (valuer said £145k but this isn't reasonable, reasons I will go into if you want to know)

Joint income of £67k (take home £3775 pcm)

Current loan commitments of £900 pcm. (total of £35k approx)

(one loan of £245pcm will end in 5 months)

herbiesjp

Even with those commitments, you should be able to get a new deal

Why do you think the valuation is unreasonable?

beckylou77

Houses on the same road have sold for the following:

(3 bed victorian terraced in need of cosmetic updating) sold in Feb 2008 for £15200 (date of survey was 5th Jan, mine was start of feb)
(evidence provided through solicitors letters etc)


(3 bed victorian terraced similar to ours) £152500 in Nov 2007

(direct opposite house similar to ours) £162500 in Jun 2007

(3 bed victorian terraced, no kitchen extension, complete refurb) £152500 in Mar 2007

herbiesjp

Problem is, most lenders will then charge a Higher Lending Charge over 90% borrowing - like Abbey

Some will not, so it would be a case of finding deals that don't charge this fee.

Having said that, another surveyor may go in an value and the required price

beckylou77

Yes, I am thinking about paying for another survey.
I just don't know how to find a lender that will meet my requirements considering my 'adverse credit' I don't even think Abbey will do anything above 90% LTV but will at 90%

The sleepless nights!!!!!

beecher

Is £136,000 the amount remaining on your mortgage, or are you wanting to release equity?

beckylou77

My mortgage stands at a figure just slightly higher than £135k.

herbiesjp

beckylou77 wrote: »

Yes, I am thinking about paying for another survey.
I just don't know how to find a lender that will meet my requirements considering my 'adverse credit' I don't even think Abbey will do anything above 90% LTV but will at 90%

The sleepless nights!!!!!

As this is a re-mortgage, you may want to find another deal that offers a free valuation so that way you do not have to pay for a second valuation

If Abbey are not going to budge and you cannot find the extra funds, you will have to look at a different lender

beecher

beckylou77 wrote: »

My mortgage stands at a figure just slightly higher than £135k.

ta for that - it was just the way you worded it I thought you might be wanting equity released.

Best bet is probably to get another valuation done and see if it comes back at £152,000. Good luck