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Want to remorgage but no equity after recession
Money_Saving_Matt_K
Posts: 12 Forumite
I bought a house for 260K in Oct 07, and I had a 10% deposit. My mortgage was 235K, fixed until Oct 09. Now the house has depreciated to about 245K and therefore I have less than 5% equity in the house now.
I want to get another fixed rate and so have tried various mortgage brokers and have also approached lenders direct - but none of them will let me remortgage with so little equity.
Abbey my current lender will not even offer me a fixed rate. Can anyone help? I want to fix to pretect myself against future interest rates rises.
Thanks!
I want to get another fixed rate and so have tried various mortgage brokers and have also approached lenders direct - but none of them will let me remortgage with so little equity.
Abbey my current lender will not even offer me a fixed rate. Can anyone help? I want to fix to pretect myself against future interest rates rises.
Thanks!
0
Comments
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You've presumably dropped onto their SVR? Is this cheaper than the old Fixed rate?
If so, make the most of it to overpay and get your equity back up.
You probably have 6, perhaps 12 months, for rates to change significantly.Act in haste, repent at leisure.
dunstonh wrote:Its a serious financial transaction and one of the biggest things you will ever buy. So, stop treating it like buying an ipod.0
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