Just in the process of remortgaging whilst interest rates are low… it is a lot harder than it used to be! I have thus far had 2 face to face meetings with the bank, and a third one later this week. Not sure if it is them being extra diligent or that I am upping the borrowing to £146k on a £156.5k house (according to the survey they just had done, and which cost me significantly more than that when I bought it).

Looks like it should all come good this week though.

Not sure but I completed today on a flat and I had to jump through many hoops as a first time buyer!!!

I am upping the borrowing to £146k on a £156.5k house

Good luck with that – at that equity level I’m quite surprised you are even being considered unless you have a pristine credit rating and good salary.

Fortunately yes I have both those things! It is a bit tight, but should come through in a couple of days… just waiting for the last bits and bobs to be sorted out. The early redemption is a bit savage mind!

cost me significantly more than that when I bought it

You want to up the borrowing on a house that is losing money and you wonder why they are cautious??

You want to up the borrowing on a house that is losing money and you wonder why they are cautious??

I think he means the survey cost him significantly more than when he bought the house, not the house itself.

I remortgaged about 8 weeks ago. One face-to-face meeting (“as required by the anti-money laundering laws” they said), then hassle free from then on. Then again, I’m borrowing significantly less than you, on a property worth a bit more – I suspect it’s due to your LTV ratio, as you yourself have suggested

Lol – yeah, it wasn’t my first choice… but needs must. Especially when one has a dodgy roof!

I think it’s down to your LTV ratio.

I’m remortgaging now and other than usual documentation requirements have had no issues.

we used a company called sensible finance- they sorted out our initial mortgage

and while they were great the 1st time round, they were dtreadful this time, dragged their feet consistently messed things up

made everything more stressful!

I am upping the borrowing to £146k on a £156.5k house (according to the survey they just had done, and which cost me significantly more than that when I bought it).

The bank or building society bought the house you just borrowed the money off them, and will need to pay it back before you actually own the house. 😕

So theyre just being careful to ensure that you have the means to pay, eg in a stable job, whatever that is, and a stable relationship, along with some idea of why you need so much money extra.

It ought to be difficult to get a mortgage – it’s potentially a 25 year commitment to pay off a large amount of money. Property ownership isn’t for everybody and mortgages were too easy to obtain in recent times.

The difference between what the survey says your house is worth and mortgage make it a very fine call. If the survey say said £200K and your upping from £140K to £150K then there is a clear air gap if they need to sell it to get their money back. In today’s climate with house prices falling your on the edge of negative equity very low LTV.

about 4 years ago, is the actual answer

If you have to ask, then where the hell have you been since 2007 when the worlds economies started to go belly up?

That is a very tight LTV. as stated above, I’m guessing your set up fees were about a grand??. Think we’re due a new deal soon but I’m just gonna sit on the standard base rate as I can’t see it going anywhere fast. Especially as there’s been another drop in prices over the last few months. Just one question why did you not just use an independent advisor who is privvy to all the deals out there?