Remortgage?

Matt_S_3

Hi I wanted some advice on my circumstances.

We bought at a relative high point in the market for £153000 in 2006 with 100% mortgage. It was a stretch but have worked hard to pay off as much as we can and it is now £138000. Wierdly prices have dropped but not as much as I would have expected, tail end of last year a house similar to ours sold for £167000. So I'm confident we're over 10% even on a conservative estimate.

Mortgage expired January so now we're on SVR and this month can overpay £100, and I had intended to stay on this till rates started to go up. Then the MSE email says rates are going to go up! Rates aren't great for 10% deposit hence staying on SVR.

Thing is my wife is about to go on maternity leave, so have I messed up should I have already remortgaged? What will they count as my wifes salary her before maternity pay or her maternity pay?

Thanks

beecher2

I think that email was a bit out of order to be honest as it had 'PANIC' written all over it. You're right that rates aren't great for a 90% LTV so staying on the SVR and overpaying may well be the correct thing for you to do just now. No-one knows how fast base rates will go up, and it sounds like you've built up a bit of a cushion.

You could phone up your lender and ask them what deals are available and find out what they work out your LTV to be though.