End of fixed term

oj79

To anyone who can offer a pointer in the right direction- I purchased a 2bed new build in June 2007, it was valued at £115k, I took out an 85% mortgage against this (93.5k) which is actually how much I paid in total as I had a 15% discount. I took out a 4.99% 2yr fixed rate with The Chelsea which is due to end as of beginning of August 09. I have not defaulted as yet although have been late on a couple of payments. However, my tenant has recently absconded with no notice therefore I will be late or even default on my final month.

Considering this and my criteria, can anyone advise me on a course of action- Can I find a product at a similar rate, I'm unsure on lending criteria

Any help much appreciated

Ollie

beecher

I doubt if you'll be able to remortgage due to high LTV and your late payments. Your lender may offer you something - best to ask them first. You need to phone them up to explain about your late payment or possible default anyway.

Thrugelmir

oj79 wrote: »

To anyone who can offer a pointer in the right direction- I purchased a 2bed new build in June 2007, it was valued at £115k, I took out an 85% mortgage against this (93.5k) which is actually how much I paid in total as I had a 15% discount. I took out a 4.99% 2yr fixed rate with The Chelsea which is due to end as of beginning of August 09. I have not defaulted as yet although have been late on a couple of payments. However, my tenant has recently absconded with no notice therefore I will be late or even default on my final month.

Considering this and my criteria, can anyone advise me on a course of action- Can I find a product at a similar rate, I'm unsure on lending criteria

Any help much appreciated

Ollie

Have you informed your lender that you letting your property? Or the Inland Revenue for that matter?

If you have no back up plan to cover void periods, unpaid rent etc I suggest you sell the property. As you may well end up with severe financial problems.