What Do I Do With My Mortgage?

GILLM_3

Hello,

I am new to the forum and would really appreciate some advice. I'm coming to the end of a 2y fixed mortgage in Dec, the deal I am being offered (another 2y fixed at 6.49% with 1% fee = £1298) is only approx £50/mth cheaper than going on SVR (7.19%) I am totally clueless about whether to go to SVR short term, with view to get better fixed rate next year?
I am single mum and only one income so I am restricted in terms of who will lend to someone in my circs. I'm currently with A&L. Please help!! What money I have is very precious!

Thanks

angelavdavis

Have you investigated through a mortgage broker? It might be worth doing. Martin has a guide here that should provide some pointers for you.

beecher

http://www.alliance-leicester.co.uk/mortgages/existing-customers-rates.aspx

Have a look here and see if there's a better deal for you. The rates do look quite high for those with more than 75% LTV but you could maybe work out what the 3/5year deals are like.

_Andy_

Hi Gill

What's your income and how much are you needing to borrow?

GILLM_3

Hi there,
Thanks for responses, my main problem is that I work part-time, income is £26,600 pa, and am needing to borrow approx 130k. A&L approved mortg 2 years ago when I bought property taking into account maintenance I receive for my kids (which is now 9k p.a.) Not all lenders will look at that so it makes things more difficult

Cheers

Gill

space_rider

Halifax take maintenance into consideration and I think Abbey do too. I`m stuck with those companies because of similar circumstances. I tried Cheltenham and Gloucester but they turned me down on affordabillity. Their rate worked out at £80 less than Abbey`s SVR!