Is it possible?
I bought my house in 2007 (a couple of months before prices started going down lol) and paid £125,000 for it but took out a loan to go with it
The balance of my mortgage and loan is now £125,000 which equates to (roughly) £113,000 of mortgage and £12,000 of loan. I'm on the NRAM SVR. My (recently valued by a friend who is an estate agent, just for curiosity more than anything) house is actually worth roughly what I paid for it according to him, but only because I've spent a lot of money upgrading and renovating. Since I've had it it had new double glazing throughout, new decor in each room, new bathroom, new kitchen, new garden etc etc. I can meet the mortgage no problems and even overpay a bit each month but I have a few questions.
1 - How likely is it for me to be able to remortgage at this present time? I've assumed it's impossible so I've not been keeping my fingers on the pulse of the mortgage market entirely but I do know that getting a high LTV loan is nigh on impossible these days. I saved money by dropping onto the SVR but I still prefer the security of having a fixed deal.
2 - I assume I would be looking to remortgage he £113,000, which would leave the loan with NRAM and their penalty rate of whatever it is, correct?
3 - How likely would it be for NRAM to jack the SVR up? Essentially it's there for bad loans to be wound down so would it make much sense for them to risk government money by making toxic loans more expensive?
Like I said, I'm comfortable making the payments and everything like that, but I'd still prefer the security of knowing I won't be paying over a certain amount each month in the event of an SVR rise.
I bought my house in 2007 (a couple of months before prices started going down lol) and paid £125,000 for it but took out a loan to go with it
The balance of my mortgage and loan is now £125,000 which equates to (roughly) £113,000 of mortgage and £12,000 of loan. I'm on the NRAM SVR. My (recently valued by a friend who is an estate agent, just for curiosity more than anything) house is actually worth roughly what I paid for it according to him, but only because I've spent a lot of money upgrading and renovating. Since I've had it it had new double glazing throughout, new decor in each room, new bathroom, new kitchen, new garden etc etc. I can meet the mortgage no problems and even overpay a bit each month but I have a few questions.
1 - How likely is it for me to be able to remortgage at this present time? I've assumed it's impossible so I've not been keeping my fingers on the pulse of the mortgage market entirely but I do know that getting a high LTV loan is nigh on impossible these days. I saved money by dropping onto the SVR but I still prefer the security of having a fixed deal.
2 - I assume I would be looking to remortgage he £113,000, which would leave the loan with NRAM and their penalty rate of whatever it is, correct?
3 - How likely would it be for NRAM to jack the SVR up? Essentially it's there for bad loans to be wound down so would it make much sense for them to risk government money by making toxic loans more expensive?
Like I said, I'm comfortable making the payments and everything like that, but I'd still prefer the security of knowing I won't be paying over a certain amount each month in the event of an SVR rise.