Mortgage Advice Needed

Tariq2009

Hi can someone please tell me how long this low interest rate going to stay because my mortgage is due in march and I took %7.24 now GE will charge me %3.85 on top of England interest rate . if I am trying to go some other lenders, fear is that they will ask deposit because of house prices falling down .Please need some advice should I stay with GE and take longer fix rate deal they want give me offer until February but if interest rate goes up I want be happy L.Thanks

feisty1

Why are you with GE and what is yr LTV (Loan to Value)

Cannon_Fodder

rates unlikely to go up by February.

could even be another drop in January.

whether banks/lenders will pass that one on will have to be seen.

_Andy_

Tariq2009 wrote: »

fear is that they will ask deposit because of house prices falling down

Well realistically/conservatively what's your house value and how much do you owe?

Tariq2009

The time I bought house for £1170,000 and I took 100% loan so the total payable loan is £120,198.00 at 7.24 % and now they will charge me 3.840% at top of bank of England rate .Hope this will help .I did had credit history problem at the time I took mortgage but I never missed the payment so shouldn’t I be getting more better rate !!! Thanks

feisty1

Tariq: so based on today's rates etc, your interest rate will be 5.8%, as houses have dropped in value, you will probably find your house in worth less than the mortgage you have, this leaves you in negative equity (like many people) and unable to move. Also as you have stated you're sub prime & their are very few sub prime lenders at the moment....your mortgages payments will reduce but you should try and carry on what you've been paying as this will help reduce yr overall mortgage debt