eastlondonb00m

the remortgage is with the yorkshire building society one of their fee assisted mortgages - I managed to get in there 2 months ago before they jacked both the rates up and the fees as well. I'm not worried at all about what happens in the next 3 years. rates will not be going anywhere soon and when they do go up it might be to 1pc - might be a bit more, but you aint going to be seeing a 5pc base rate for some considerable time imo. Imo there will be no house price crash in London. .

you'll just have to accept my word on it I'm afraid. I knew the flat was a good deal when I purchased it (it wasnt a repo). I'm not sure how 3pc fixed for 3 years (with 500 quid of fees) is a crap rate though? The flat would rent (and the one nextdoor is a BTL) at 325 quid a week. 6pc is a crap rate but that was all we could get with a 10pc deposit at the time. Still, the risk paid off.

where are all the bears? I cant see them?! my bit of east london is B00MING

I have done something very similar to this recently. Purchased for 250k in July 2011 on a 90pc mortgage fixed for 3 year (on a crap rate). overpaid it by 10pc since then. got 3 agents round to value it up - 'you'll geg 290-300k all day long mate' remortgage it with a new lender - suggest valuation of 270k. he comes round and signs it off at 265k. hey presto I change my 90pc mortgage (at 6pc) into a 75pc mortgage (at 3 pc) within 12 months (remortgage goes through in the summer). I've got to pay an ERC on the current mortgage of 3.9k but that more than offsets the mortgage interest I'll save and the extra equity I am gaining through the remortgage more than covers this. jobs a good un.