ReMortgage after fixed term ends

cushde

Hey there

I bought my house back in March last year, we got our mortage from mortgage express (B&B) we had a £7k deposit. and the mortage was £81000

We are due to come off our fixed term in march coming, and i was woundering how do i re mortage to get a better deal? will the company im with offer me something on a fix term? will i need to produce all the same documents, credit checks etc as before? as my cercumstances have changed somewhat.

Im just not sure what to do once we have come off this fixed rate as our rate will jump up BBR + 2.5

Any help would be much appreciated.
Thanks

herbiesjp

Do you have any funds/savings to reduce the mortgage balance?
What do you think your property value is now?
Why did you go with Mortgage Express - was there something about your situation that you had to use them?

Property prices have been coming down, and so in order to get better deals out there, ideally you will want your mortgage to be less than 90% of the property value

cushde

Hey, thanks for the reply.

We were originally with GMAC, they sold the mortgage to mortage express about a year ago. At the moment we dont have any extra money to pay off any more of the mortgage, we are on interest only on a tracker at %6.5 (now down to %6) for 2 years. Then BBR + 2.5 there after.

In terms of house value, im not sure due to declineing prices. We bought in March 2007 for £88000 the house next door went for £90000 a couple of months later. We are in the Blackburn area.

Are there any advisors i can chat to via the phone on here? See what my options are.

Thanks for your help
Martyn