remortgage help!

blemainsurvivor

we bought our house in March 2007 for 107950 with a deposit of 5000. the house was on the market at 114950 and we got them down to the puschase price.

we got ourmortgage with GMAC RFC, who subsequently sold it to Mortgage Agenct No 5 Ltd.

we are interest onlypayingt 557.98 permonth. which is interest only.

we took out a 10200 loan last december 2007 with Welcome finance forhome improvements. we pay 216.98 per month.

we can affordthis easily.

we both have poor credit,no ccjs but 1 default each.

we are due to remortgage in march 2009 after coming to the end of our fixed rate.

our house is worth 120k plus, but with current market rates we are in negative equity.

i am concerned regarding remortgaging, can anyone give me any advice as ideally when we do remortgage we want to cover what we owe welcome finance whilst the settlement fee is only 13k. mortgage redemption is 104k.

so we need to remortgagefor 117k
thanks for your help.:o

feisty1

Current Mort 104k
valuation?

2nd charge 13k

If u could have found a mortgage for the 104k you could have applied for deed of postponement on the 2nd charge which would have meant continuing as u r, with the 2 accounts running separately However........Based on the figures you have given & saying yr in negative equity rmtg will not be a option, u will have to remain on SVR with yr current lender