Re-mortaging with no equity

Luckybunny_2

Hi All,

I took out a self cert mortgage last year with kensington/mortgage express with a 10% deposit, as I had my own business at the time. The rate wasn't great but I was planning to go back into normal employment by the time the fixed rate deal ended so I thought I would get a better deal then with an alternative lender.
I am now back in normal employment but am concerned that when I come to re-mortgage early next year I won't be able to find a lender because the 10% deposit I put down with have been wiped out by the drop in house prices.

Is there any contingency plan from lenders for this type of situation?
PS - there are no issues with my credit history etc

Thanks !

herbiesjp

Only contigencies are:

1) You could get a new deal from your current lender nearer the time
2) Overpay now as much as you can (if the mortgage permits) in order to try and bring you back to a 10% equity in the property

grogdog

to be honest, you are probably going to have to stay with your lender and see what they will offer you. you wont be able to remortgage.