Mortgage - advice required. Neg Equity.

sw1sst

I have a mortgage with Abbey National. it was a discounted deal which is soon to end...
When the mortgage was agreed I had worked upto around 15 % equity in the property so my loan was only approx 85% of loan to value.

I am worried now as the prices of houses in the area has dropped and I won't be able to renegotiate a new (discounted) deal. I understand that the mortgage will continue but the likelyhood of the payments increasing not only frightens me I fear I won't be able to keep up with them.

I wondered whether anyone could offer some advice.

thanks

beecher2

Phone them up and see if they can tell you what they value the house at, and find out if they'd offer you a deal. No-one here can tell you for sure.