Mortgage Options

thewookie

Hi there all,

Looking for a bit of advice, well just really looking to be aware of my options!

Background is

House was valued at £115000 in July 2007 for a 3 bed semi

I purchased at £105000, good deal I thought.

Paid 10% deposit so mortgage of £95000.

It is a 25yr repayment mortgage 3yr fixed at 5.67% which ends in July.

Drops onto A&L standard rate of 4.99% 1/7/10

So there are 5 more payments @ £599 before it drops

What kind of LTV am I looking at, is it worthwhile trying to get another fixed deal? Would I be able to extend the loan term to reduce my payments. What other options should I be looking at or thinking of?

The fly in the ointment is that I am now a full time mature student so cannot move my mortgage so it has to be through the A&L unfortunately so limited in what I can do.

Cheers for any and all advice

inca_2

If you give them a call they will be able to give you an idea of where your balance is at at the moment. It won't be an exact settlement figure but it'll give you an idea and if there are similar houses that have sold recently in your area see what they went for to give you an idea of your home's value. It's not an exact science however but might help to give you an idea. Ask them if they have any kind of indicative updated value on their systems too, I don't know if they do or not and whilst it may not be wholly accurate, again it will start to give you a ballpark idea of what LTV range you will be looking at