Advice on Remortgage

cardiffcityfc1

Hi about to come to the end of my 2 year fixed rate (5.89%) with Abbey in September at which point i will be transferred onto their standard variable rate.

After contacting them to find out what their current variable rate is (which incidentally was 7.6% when i took out the mortgage) was told that it is currently 4.24%.

Sounds great to me as i will be quids in but wondered if it is best if i stick. My house is actually up for sale at the moment and after looking at deals quickly around the major lenders found that for most you are looking at a LTV of 75% for remortgages. Mine is currently 87%.

A big worry i have at the moment however is that if my house does sell soon (has been up for sale for 13 months already :eek:) then i would be faced with the following

a) - Either i buy another house but would be faced with the same LTV remortage rates shown above
or
b) if i dont see another house immediately me and my wife would temporarily move in with our parents. Would we then be classed in mortgage provider's eyes as "first time buyers" as we would temporarily be mortage free following the sale of our home. This would then no doubt mean we'd have to provide the same amount of deposits that first time buyers are required to pay.

To sum it up, firstly in the interim is it advisable that i stick with Abbey to go onto the variable rate and be a few pounds up each month? and secondly if my house does sell would it be best to try to purchase another property immediately and possible transfer my mortgage across (may be offered better deals being an existing customer) or move back in with our parents but would then have to reapply for a new mortgage.

Sorry about the long post, trying to explain everything as best i can, Your response is much appreciated.

dimbo61

Lots of questions !
why are you selling or not selling ?
If you do want to sell then you are best going onto the SVR and contine to pay the same amount each month ( therefore reducing your debt)
Are you moving area ? and what have Abbey offered you ( Long trem fixed rate!)
Have you found another property and how much will it cost/ what will the LTV be for the new mortgage.
Questions some of which you cant answer let alone me.
Living at home with parents ( if you and mum/dad happy?) is good way to build up bigger deposit
Its better to have a mortgage history to prove you have had a mortgage and paid it each month.