Really need some mortgage help

Julie67

Our 2 year fixed rate (6.4%) self cert mortgage ends in Sept 09. We borrowed £207.000 and put down a £25,000 deposit. We have paid promptly every month and although we have a lot of debt £43,000 are managing to service everything and have not missed any payments. The self cert was because my hubby is self employed and we had reutrned from Australia, so not been in the country 12 mnths.
Would you just let the interest rate change to whatever it is (they say 3% above base rate) or try and move elsewhere. We would love to get a mortgage that worked for us where we can overpay etc. I have a good job earning 35,000 a year. What do you suggest? Thanks in advance

beecher

I doubt if you could move anywhere as your LTV is going to be too high I think. You may even be in negative equity. Staying on the 3% above base rate, or asking your present lender if they can offer you any deals is probably your only option.

Mrs_Bumble

Is £35,000 total household income? As that won't be enough to service the level of debt and the outstanding mortgage, another lender will not look to lend on this, your property is likely to be in negative equity as well, check the house value on a site like https://www.zoopla.co.uk