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  • remortgage

    hi guys
    any sort of help advice be great.
    i have a interes only mortgage with santander which was fixed for 2 years,
    my deals is coming to end in jan and rate will go up to 4.69

    i asked santander for a better deal to go onto repayment and interest for 5 year fix, when i will then sell my house and repay the loan and move away.
    the rate they were offering was 1.96 however my remortgage was rejected due to new tests
    however they willing to offer me 3.99 interest only mortgage which will cost me much more.
    my mortgage with the bank is less the 40% of my property price,
    any idea what i could do.
    i know cause of my age i can't really change lender
    thanks people

  • #2
    Re: remortgage

    Hi,

    Its sounds like they have changed their financial stress tests so maybe debt to income ratio may have changed which is why they are happy to offer you a mortgage at a higher rate. Or they could have checked your credit rating and you could have made a late payment or something so your overall credit score may have dropped so they will offer you a mortgage but at a higher rate. Banks never explain a reason just give you an answer

    Regards

    Ged
    http://www.premierexpatmortgages.com
    [email protected]

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