A while off -but concerned!

newleafer

As I am a worrier and like to think a bit further than probably necessary I posting this now in the hope of advice to arm myself with.

We have a 2 year fixed rate (5.29%) with Gmac that will expire on the 31/3/07 and will jump to 6.9%, gmac loan to those who are considered a higher risk, we were at the very bottom of risk but risk none the less, we were first time buyers desperate to get on the property ladder so we moved a 100miles away and bought a new property. We are now an even higher risk in terms of not being able to get any credit at all, due to trying to relocate, and hubby having a knee op that kept him from his job for 7 months of the last year.

My concerns are A) will we be able to get a new deal anywhere else
if not are our current lenders likely to renegotiate with us despite credit rating or will we have to jump up to variable rate.

As money will continue to be tight if we can get a new deal should it be 5years as money will be tight for a few more years.

Any suggestions would be cool:o

nrsql

There's nothing to stop you contacting a broker or mortgage companies to see what they would offer.

>> if we can get a new deal should it be 5years as money will be tight for a few more years.
If you wouldn't be able to get a better deal in thye meantime then yes. If interest rates go down or your rating improves then no.
No one knows what rates will be like on 31/3/07 (I think higher than now but I'm usually wrong) let alone 5 years later.