Re-Mortgaging above 90% help me :(

dunstonh

I'm due for re-mortgaging in June

No you are not. What you mean is your current deal expires in June. You dont have to remortgage. Your options are to accept the SVR, ask what new deals are available from the existing lender or to look at remortgaging.

so an extra £60 is a lot to some people

on a mortgage of your size, £60 is a piddly amount.

I'm afraid that if you cant afford this then it is an indication of a wider problem of you not living within your means. Whilst the others above have suggested (and are almost certainly correct) that you are looking at the wrong rate, it could only be putting off the inevitable which sees you getting into financial difficulty later on when interest rates start to rise again.

Can you confirm if you are on interest only or capital and repayment basis?

Sorry, to sound negative but if you catch these things early enough you have more choices available to you. You should take a visit to the debt free wannabee section as they have some very helpful posters in there for people with credit and budgeting problems like yourself.

green1970

MissB - have a look at your original KFI and mortgage offer. If you've had adverse credit in the past, it may well be that your mortgage product was a credit repair one, meaning that provided the last 24 months payments have been met in full and on time, you can usually transfer to a 'prime' product. http://www.accordmortgages.com/documents/ACCM_0223_CR_guarantee.pdf You may not have to go on a 7.9% rate after all.

Here's their latest deals for existing borrowers and if you can switch to a prime product, you can select the 85%-100% product on page 4 by the look of things http://www.accordmortgages.com/documents/ACCM2008_CLI_EBTAL.pdf

Have you spoken to Accord yet?