Re-Mortgage soon ?

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CoverItAll

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Post by CoverItAll » Tue Apr 08, 2008 12:47 pm
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BBC News has just announced that the last remaining 100% mortgage deal (Abbey) has just been withdrawn.

They went on to suggest that 95% mortgages might not be available for too much longer as well.

Halifax announced a 2.5% drop in house values in March, but they are still 1.1% up on the last year.
John Tegg
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Oliver

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Post by Oliver » Tue Apr 08, 2008 12:57 pm
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I noticed another article stating that mortgage lending is at a 16 year low.
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Oliver
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size5

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Post by size5 » Tue Apr 08, 2008 12:59 pm
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John,

I have seen and heard various reports whereby the best deals are being reserved for those who are only looking for 75% LTV, i.e. if you are coming to the end of an existing deal then you are borrowing no more than 75% of the value on your new deal, or if you are a first time buyer then a deposit of 25%.

Obviously there are other deals available but at much less favourable terms, the effects of this credit crunch period are being felt all over it seems.

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IFA Law

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Post by IFA Law » Tue Apr 08, 2008 1:45 pm
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Lenders have always given better rates to people with more equity in their houses ie under 75% loan to value (LTV). With the credit crunch, if you have a mortgage up for renewal you have to act very quickly as rates are still being pulled with little or no notice.
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CoverItAll

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Post by CoverItAll » Tue Apr 08, 2008 1:59 pm
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I agree Martin. I also think that if any Forum Member is going to need a Re-Mortgage soon for Equity Release, they should be talking to an Independent Whole of Market Mortgage Adviser NOW.
John Tegg
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http://www.paymentcover.co.uk
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