Got 100% Mortgage last year jan....

keighley_jo08

Im 21 and managed to get 100% mortgage just before the "poop hit the fan" we got a 2 year fixed rate .... any prediction on how things are going to pan out over the next 10months.....

Our interest rate is 6.18%.... Do you think I will be in line for big savings when it comes to it?

Peelerfart

Not by the time you factor in your negative equity , but who knows things maybe a lot different in 10 months.

handful

You will probably be limited to whatever deal your current lender can offer you due to your negative LTV.

robin_banks

I very much doubt it, houe prices are likely to fall for the rest of the year, you're gonna be in negative equity for a few years tbh.

opinions4u

Your monthly payment will most likely fall at the end of the 2 years. But as the economy recovers from recession, expect rates to rise again, possibly sharply.

What you will need to address is negative equity (your mortgage being higher than the value of your house) because should you wish to move in the future this will hinder you.

Make overpayments as soon as you can afford to and as soon as your terms and conditions allow, or alternatively try to build up some savings specifically for making a lump sum payment at some point in the future.

You need to get your debt down.

Message to all people in or near negative equity (or on interest only mortgages): DO SOMETHING ABOUT REDUCING YOUR LOAN BALANCE

mitchaa

I think the O.P was referring to what the SVR is predicted to be rather than remortgaging (which will probably be impossible)

Robert_Sterling_3

keighley_jo08 wrote: »

Im 21 and managed to get 100% mortgage. We got a 2 year fixed rate .... any prediction on how things are going to pan out over the next 10months.....

You could be a parent by then assuming you are not already.

philswannie

Robert_Sterling wrote: »

You could be a parent by then assuming you are not already.

Yet another thoughtless useless post from Robert_Sterling :T

Peelerfart

philswannie wrote: »

Yet another thoughtless useless post from Robert_Sterling :T

And that will help the OP - How ?