Remortgage Advice Needed

davey2384

Hi,
I currently have a mortgage of around £153.000 and due to falling house prices and after doing some research i think i have equity of £8000-£10000 but this is falling all the time.
I currently earn £27000 and earn a regular 2k extra per annum in overtime.my wife has just started a new job and earns around 15k and we also recieve about £1400 a year in family allowance etc.
My mortgage is currently an Abbey tracker which is running at around 5.5% but is due to end April 09 when it reverts to the SVR which i think is 7.09%.
I have around 18k of unsecured debt spread over a personal loan and a credit card.
My credit is V good and ive never missed any payments.
I guess what i need to know is with my tiny amount of equity diminishing every day will anyone consider me for a remortgage next April or will i have to put up with Abbeys SVR until the market sorts itself out.We would actually like to move at some point in the near future as we have seen some houses we really like at around £160000, however without the equity to cover the deposit i think its unlikely.

Can anyone help?

Toughluck

Nationwide do 95% deals at the moment. I would imagine the Abbey would offer you a better deal than what you would get elsewhere due to the high LTV. Again, who knows what is lurking around Xmas time or into the new year with new products etc.

davey2384

I didnt realise anyone was lending more than 90%.What im concerned about is with the predicted house price falls come next April i wont have any equity to play with, which i assume will mean no one will offer me a new deal.

arkie

the abbey should offer you a new fixed rate, it could be the best option , abbey loans are portable which means you can take your mortgage to other properties without effecting the penalties ( subject to noraml terms & conditions)

davey2384

Are you saying im likely to get offered a deal despite the fact that when i remortgage i may have little or no equity in the property?

Toughluck

That is correct if you are referring to the Abbey. The fact you have equity isd a bonus so take the Abbey deal please.