Hi BrassicLintus
I would not like to quote any possible rates with the volatility in the current market place and not knowing where we will be when you come to remortgage. But, after Jan you are 6k better off, (because of the ERC finishing). Therefore the position at that point would be 106k owed on a 110k it would all depend on your risk feeling on the market place
If your property rose 9.4% over the next twelve months, as it did in the last twelve months (land registry house price index report for England) that would mean in twelve months time you would owe 106k on property worth 120k. Which would mean an LTV of 88% and would mean a built up equity 16k for the sake of 8 - 12 months.
In the current market you probably still won’t be able to remortgage, (max approx 85% ex bankrupt less than 12 months) but who knows what will be available when you come to look into your position…
It’s all to do with your risk appetite and affordability.
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