I have a relatively small mortgage (but over £50k). Although not in negative equity, the value of my property has reduced significantly since I bought it. Despite making lump sum overpayments I'm at 98% LTV, using a fairly similar property's recent sale price (after many months on the market), though that's first floor, while mine is ground floor with a private garden.
My thoughts on making overpayments were to get below the 85% LTV threshold then get a better mortgage rate (currently 4.49%, out of ERC period). This is proving ever more elusive and I'm wondering about my options. Ideally I'd like to move to a different (better!) area. My salary next month is increasing to around £25k (full time employment). I am not a big spender and can easily afford the current payments, which is how I've been able to make overpayments as well as knock about 10 years off the term.
Would it be feasible for me to get an unsecured loan, sufficient to take me below the 85%, or ideally 80%, LTV threshold to get a better rate? (Up to 13k would be needed.) Would having an unsecured loan affect my ability to get a remortgage? Or any other ideas welcomed.
Thank you.
My thoughts on making overpayments were to get below the 85% LTV threshold then get a better mortgage rate (currently 4.49%, out of ERC period). This is proving ever more elusive and I'm wondering about my options. Ideally I'd like to move to a different (better!) area. My salary next month is increasing to around £25k (full time employment). I am not a big spender and can easily afford the current payments, which is how I've been able to make overpayments as well as knock about 10 years off the term.
Would it be feasible for me to get an unsecured loan, sufficient to take me below the 85%, or ideally 80%, LTV threshold to get a better rate? (Up to 13k would be needed.) Would having an unsecured loan affect my ability to get a remortgage? Or any other ideas welcomed.
Thank you.