Hi all,

I have an interest only fixed rate mortgage with NR which comes to an end soon. Looking to remortgage in Jan 09 with a new lender so i dont have to move onto their high variable rate and an increase of nearly£500 amonth!

My Mortgage is £201000, property is worth £250000

My main concern is that i do not have a formal method of repayment for the mortgage such as an ISA/Endownment.I released equity 3 years ago to buy properties ,I have 3 BTL properties which i intend to sell in 15 -20 years time to cover this. Properties are all let and just about cover all mortgages and charges. There is about 35-40k equity.in the properties.

I also own a third of another property approx 55K,

Our joint income is approx 60K,We both have secure employment in Education with excellent pension provision

We have unsecured loans of about 40K (Pay about £650 amonth which we can afford)

Will lenders consider us for a remortgage? We would consider moving to a repayment mortgage if this helped our application. Would also consider part interest /part repayment

Is it worth me going straight to Nationwide/Hsbc and speak to advisers (They currently seem to have good rates) or will i get a better deal from a broker?

Any advice on above would be useful

Whilst there are some 'good' bank advisors why waste your time with someone that can only advise you on 1 product?

If you have a straight forward re mortgage going direct works but i've lost count the amount of time people have gone direct then come back to me saying their mortgage was declined - mostly because the banks own advisors don't know their own products.

My advice would be to see a fees free independent broker who can discuss the whole market with you.

Let us know how you get on.

Burger

Hi...you won't get a preferred rate from a broker at 80% LTV. HSBC advertise fair rates up to 90% LTV, so could be worth a visit but they will either insist on a repayment vehicle or a switch to repayment. Most lenders have tightened up on interest only without a repayment vehicle and where some didn't require proof and some still don't, they now need to see some form of evidence. The main difference between seeing a bank direct or a broker is that the bank will only be able to advise on their own products whereas a broker will usually base their recommendation on your requirements.

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Regards

Ian

Many thanks for your advice

Will Lenders give repayment terms over 30 years?

Depends on how old you will be at the end of the term??? 65-70 is the limit for most lenders 80 for a few others. You may even be able to get 35 years if you ask nicely.

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Regards

Ian