Remortgage - Problems?

Greenr

Hi

I am due to remortgage for the first time in May 2009 and wondered if anyone could advise whether or not there is any chance that I could have problems.

I bought my first property, a one bedroom flat, in May 2007 and fixed at 6% for two years. The property cost £67450 and I put a 3% deposit down (Halifax 97% repayment mortgage). We completely gutted the flat as it was in a state and had it re-valued by a local estate agent in Sep 07 who said it was now worth between £85,000 and £90,000. Obviously house prices have started to fall, but another flat in our block (which needs some work) is up for sale at £77,000.

As this is my first time remortgaging, I'm a bit worried that I'll encounter problems due to the current housing situation.

Any advice would be greatly appreciated!

_Andy_

You should be OK but it does depend on how much prices fall in the meantime. Worst case you could stay on your current lenders SVR or take another product with them.
If prices continue to fall it would be a good idea to look at remortgaging at the start of next year (so it's ready for May).

Ian_Griffiths_Halifax

It sounds like you should be ok to remortgage but look at staying with the Halifax on one of their Product Transfer Rates. With the size of your mortgage, staying with them and not paying a valuation fee and legal fees may be worth while.