Help with remortgage please please :)

swifty99

hello everyone this is my first thread so here goes. we currently have a mortgage which is a tracker which ends in augs this year. before my better half was in work but now she looks after our little girl. the problem i have is we owe 127000 and the house is worth 140000. what are my options please i am on £30,000 but we have debts of 12k. is there much hope or are we going to have to stay with our current deal with standard life.

_Andy_

You're going to be staying with Standard life due to the high LTV.

Rafter

Unless you can get the loan to value down below about 85%, you are stuck where you are unfortunately. So you need to raise about £8k which will be almost impossible on top of your existing debts.

Some lenders have started to offer deals other than their Standard Variable Rate to maturing customers, but these tend to be building societies.

Standard Lifes SVR is currently 5.34% and is under review following the latest cut, so fingers crossed you will be paying under 5%.

In the meantime, try to save as much as possible to get yourself back into a positive equity situation.

Good luck

R.