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Re-mortgaging with no equity !
Luckybunny_2
Posts: 2 Newbie
Hi All,
I took out a mortgage last year with a 10% deposit, at the time I had my own business so I had to get a self cert mortgage (through mortgage express)which wasn't a brilliant deal but I knew I would be moving back into full time employment by the time my fixed rate deal ended (2 years)so figured I would get a better deal then. However, with house prices dropping I think that 10% deposit will be pretty much wiped out but I still need to swap mortgage because I am sure the rate I will go onto once the fixed rate deal ends will be very bad . I am concerned no one will want to give me a mortgage due to the drop in the value of my house - has anyone got any idaes ? ! I want to be prepared for when the fixed rate ends early next year
Thanks !
I took out a mortgage last year with a 10% deposit, at the time I had my own business so I had to get a self cert mortgage (through mortgage express)which wasn't a brilliant deal but I knew I would be moving back into full time employment by the time my fixed rate deal ended (2 years)so figured I would get a better deal then. However, with house prices dropping I think that 10% deposit will be pretty much wiped out but I still need to swap mortgage because I am sure the rate I will go onto once the fixed rate deal ends will be very bad . I am concerned no one will want to give me a mortgage due to the drop in the value of my house - has anyone got any idaes ? ! I want to be prepared for when the fixed rate ends early next year
Thanks !
0
Comments
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If you have no equity then currently your only option will be to stay with your current lender.0
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you'll have to save up and/or overpay to get the loan bit of the LTV down
there are no more 100% mortgages on the market0
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