Advice for a First Time Remortgager

urg123

Hi Everyone,

Wonder if I can ask for your advice/thoughts on my situation.

I have a HSBC Homestart Mortgage for 25 years. The first 3 years are Interest Only and the Capital Repayment is pushed back to the last 22 years. I have been overpaying by 20% whilst on the interest only portion. The 3 years ends in March 2009 however, because I secured the fixed the rate before I completed (4.99%) my fixed rate runs out on 1st November.
I have been in contact with HSBC to discuss my options. They have offered me the following options:

5.97% Fixed for up to five years (no booking fee).
+0.84 Tracker (no booking fee)
-0.65 Discount (249 booking fee)

I also have over £17k of non -secured debt which I am dealing with but won't disappear by next next year.

I would like to be able to have a fixed rate as I believe that this will help me to manage my budgets. Last week I was more optimistic that rates would go down as the base rate would go down and I was considering transferring to the tracker in the hope that the base rate would go down and I could review in January.

My questions are:
a) what are people thinking in light of the recent changes in the market? Is it worth just grabbing what is offered?
b) how will my current debt affect my chances with outside lenders - I plan to call L&C this weekend?

Any advice or comments would be greatly appreciated.

URG x

urg123

Just thought I'd bump this in the hope of some feedback.

URG x