Realistically what can we do?

Galaxy863

I have asked for advice in the past about our remortgage, however, as things have obviously changed since then I want to know what ( little ) options we have left!

Brief history is bought the house in April 2006, paid £123,500 for it and put down a 10% deposit but added the mortgage fee to the loan so the amount we borrowed was £112,149 ish. We are on a 2 year fixed rate with Abbey which runs out in April and as the SVR is 7.09% we can't afford to go on to that rate as it will add over £200 a month to our payments.

Realistically I think our house will probably be valued at £110,000, maybe even less so if we wanted to go with another lender our LTV would be too high. We are saving at the moment to put £5000 towards the mortgage so would need to borrow £105,000.

If we stay with Abbey am I right in thinking they won't do another valuation? If thats the case then our LTV with them would be around 85% so is our best bet to just stay with Abbey and see whether they will offer us a new deal? Are they likely to offer us a new deal? We have never missed a payment.

manikm

i would ring Abbey and see what they can offer you as an existing customer...

Galaxy863

manikm wrote: »

i would ring Abbey and see what they can offer you as an existing customer...

Can we ring this far in advance though? It's another 6 months before our fixed rate deal ends

lisyloo

Generally speaking a lot of lenders won't discuss new deals until 3 months ahead.

New lenders tend to have a 6 month limit as valuations are valid for 6 months.

That is speaking generally and I don't know Abbey's policy but if I had to guess it would be 3 months.
You are doing the best thing you can which is to save in the interim, it might give you moe options, but probably your best bet would be to stay with Abbey.