How long to remortgage?

E

ecstatic

Registered User
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Hi,

I purchased a place recently and i want to remortgage how long before i can do such a thing or is there a minimum length or term etc?
 
Does the loan agreement you signed specify a minimum period? Even if it does, you should be able to move, but you may have to pay a penalty depending on the rate you took (discounted or fixed etc.)
 
Presumably you can go with a different mortgage provider, but is it worth the hassle at this stage? Also, the fact that you are paying X and need to borrow X is really all that is relevant at this stage, i.e. I don't think the LTV will be assessed on X/X+20%

i.e. you have apartment for €300,000. You have applied for a mortgage for €300,000. In the past three months, a second phase has gone on sale with the same apartments selling at €350,000. You still need to borrow €300,000, which is still 100% of the original purchase price. As far as I am concerned, this does not mean that you can qualify for a lower LTV (i.e. purchase price of €300,000/€350,000) at this stage. But I'm open to correction on that.
 
The loan amount is usually based on the purchase price - the price you are paying for the property. This is what the lender sees as the value of the property. It would be very hard to persuade a lender that the house you are buying is valued at more than the conract price.

You can remortgage in as little as 6-12 months, but the value of the property would need to rise significantly as the loan to value ratio for remortgaging is less than when purchasing a house.
 
Im looking at a 20% increase in last few months havent drawn the mortgage down yet.

You see i put down 10% and now i want to get it back so i can use it elsewhere.

It doesnt qualify for a lower LTV until a valuation is performed on the house in the interests of remortgaging.

So do i go with the initial mortgage and then contact another mortgage provider?


What i wanna make sure is that i can do it as fast as possible so if i make sure there is now minimum tie in with the bank etc. so staying away from super discounted rate is probably the way to go.
 
If you are thinking of switching your mortgage you should stick to a standard variable/tracker rate mortgage, this way you shouldn't have to pay any penalties.

Do you qualify for a 100% mortgage? You save yourself the hassle and costs involved with remortgaging?
 
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