Remortgage advice

c79182

Hi all

I am in the process of moving to a new house, which was originally due for completion late April//early May but has now slipped to mid June.

My 2 year fixed rate mortgage (5.01%) expires on the 1st of July 2008 and goes onto a variable then (~7%) So with my existing lender I've borrowed an extra 50k on the mortgage and I should end up completing early to mid June. This means I'd be borrowing extra than remortgaging again about 2-4 weeks later.

This is causing some issues with borrowing for the following reasons:
-A lot of the 90% LTV deadlines at the moment are all 30th June 2008. My other mortgage expires on the 1st July 2008, it's only a day later but they seem strict about this.

-I tried to get a mortgage with C&G recently, the issue was that since I am not in the house yet I can't remortgage on it as the credit checks would be done at my <em>existing</em> address rather than the new one. I'd have to wait until I'm in the house which is a bit pointless as I want to secure something now.

So I'm now down to 2 options
-All the 90% LTV options seem to not work for me (due to the reason above, quick successive extra borrowing then remortgaging and the 30th June date) The best I've got now from my broker is an Abbey 85% LTV, 5 year fixed 5.83% - £995 arrangement. I could do 90% LTV comfortably but am really stetching for 85% and I still feel this isn't really that great a rate.

-Remortgage with existing lender again on 1st July. They won't however give me a fixed rate remortgage quote until 1st May 2008 (2 months before mortgage expires) and given the way rates are going I was a little scared of them going even higher. (although could possibly take this as a fallback over the Abbey option above as the arrangement fee is paid at the end so could presumably back out?

I see HSBC are matching previous fixed rates as of tomorrow but is this only for 80% LTV, if so that's definately out.

I really want to get something secured asap as the rates are still going up, I just still don't think I'm getting that good a deal especially when I've been asked to up the deposit from 10% to 15% with not much notice.

Status wise I've had my existing mortgage for 2 years, good credit, no other debt except a little on car and multiplier wise am looking at around 2.5-3x salary on my own or 2x with partner on mortgage also.

Any help most appreciated

inthe80s

maybe try phonin the mortgage provider your current with, and tell them you will go with another provider unless they can offer you something now

Kodos84

HSBC are offering 5.39% for £999 fee with 90% LTV according to website, although when I went in branch the advisor said it was 80% for me. See bottom of this page. Worth checking out.

Tiddler_2

Sorry I'm a bit confused over what you are actually doing.

Are you part exchanging your property and buying a new build property that will not be completed until mid June

OR

Are you selling your current property and buying another property, but because of the delays in the chain you cannot complete until mid June?

Also have you just borrowed an extra £50k on your existing property, if so why? Was this to put down as a deposit on the new property.

Who is your existing mortgage with?