mortgage contract ending

abzk

my mortgage contract with abbey is coming to an end, i bought the mortgage for £110k on a fixed rate of 6.39 and now im not sure as to what steps i should take hence i have a few questions i was hoping to get help with:

1.would i be better off staying on the standard variable rate which at the momment is lower than my fixed rate? (well from what i can understand!)

2.my financial circumstances have changed since getting the mortgage so i dont think i will be able to go a different mortgage lender but if i take out another contract with abbey will i have to provide a deposit again?

any help much appreciated

Joe_Bloggs

@abzk you said

my financial circumstances have changed since getting the mortgage so i dont think i will be able to go a different mortgage lender but if i take out another contract with abbey will i have to provide a deposit again?

Your 'deposit', if you are an existing mortgage holder, is the current market value of the property minus the existing mortgage on the property. You may be able find out estimates of the current valuation on your home through numerous websites . One such site is http://www.zoopla.co.uk/ I can't say if they are accurate or not. The Land Registry House Price Index produces a view of what was paid.

If the value of the property is less than what you owe then you are in negative equity and will struggle to find a new deal.

J_B.

dimbo61

check the paperwork that came with your mortgage offer and see what it reverts to after the fixed rate ends SVR!
check there current SVR
Overpay if you are going onto the SVR and saving money because that is cheaper than your current fixed rate payment