Lock in or Beg?

Basky

On a cracking Tracker Mortgage - my payment has dropped £800 to £300 since we took mortgage out which is fantastc. Deal ends Sept 09 - wondered whether we negotiate with Alliance & Leicester now - to lock in to a fixed rate now. At moment it gives us some months to negotiate with but as the house price drop has reduced value of property and therefore reduced equity on property. Would be looking for £200K mortgage. Thoughts - should we go in now - giving us more to negotiate with or wait until nearer the term of mortgage? ANy help would be great

beecher

It is probably too early to get a new deal. My lender is HBoS and they only allow you to book a new deal 3 months in advance. Someone else will tell you what the position is with A&L. It won't be about negotiating or begging though - it'll be about accepting what deals are on the table for your LTV. I take it you're overpaying by £500/month?