Fixed Rate Remortgage Help - Please

Dranny

Hi all

I was hoping someone could lend a bit of assistance.


Our present mortgage deal runs out at the end of September 09.


It’s currently with Accord, and is 4.98% fixed (since Sept 2006), and then reverts to their rather high SVR of 5.34% at the end of September.


We’re currently paying circa £530pm. We meet this commitment comfortably (at the moment).


The maths were originally based on the house being worth £100,000, we paid 10k deposit, and have had a 90% LTV mortgage for the past three years to get us going. At the end of September we will have roughly £82,000 left to pay.


The house hopefully will revalue at roughly the same (and it should as it’s been improved – so in theory that should compensate for the potential house price drop), and very unfortunately we will be in a position to pay off a lump of the mortgage to our current lender soon due to cash coming in from my partner’s parents estate. Not ideal, but it will help.


We are thinking circa 22k – whatever it is to take us down to owing £60,000.


So we are looking at remortgaging on:


£100k house
£60k mortgage
60% LTV


I am unemployed.


My partner earns £22k a year.


We think that a fixed rate is what we want, preferably 5 years (is 7 or 10 or for life too long?!?), although we’ve seen a product with the Skipton over 7 years on 5.04%, then reverting to their SVR.


There’s also a RBS 5 year fixed @ 4.99%, and a Co-Op 5 year fixed @ 4.69% that look interesting.


What we basically are asking for is just some general guidance in helping us find the next deal. With a LTV of 60% (or potentially lower as we may be able to pay off more before Sept), even though I am unemployed, I think we are in a decent position for a competitive deal. Our heads are just spinning a bit.


If anyone has any input that would be great.


Thanks

Dranny