mortgage term ending

macka001

Hi, i took out a 90% mortgage back in 2008, on a 2yr fixed deal. that deal is almost up, however looking through various house valuation sites, im still on the border of a 10% mortage as the price on my house has droped in the last 2 years.
any ideas on whats my best option, stay with current lender if they will allow me to or look else where. ive spoken to a broker who says anything over 85% ill be looking at 6% and over.

_Andy_

You could try other lenders but I think you'll find a valuation would be less than what you need.
Ask your current lender what the options are. You will probably find the SVR is quite attractive at least in the short term.

Wh05apk

85/90% remortgage deals are lousy, depending who you are with SVR could be between 2.5-5% which will almost certainly be better than another lender now, and could be better than your current deal.
Also worth speaking to your current lender, but be careful on what they offer.

VT82

macka001 wrote: »

Hi, i took out a 90% mortgage back in 2008, on a 2yr fixed deal. that deal is almost up, however looking through various house valuation sites, im still on the border of a 10% mortage as the price on my house has droped in the last 2 years.
any ideas on whats my best option, stay with current lender if they will allow me to or look else where. ive spoken to a broker who says anything over 85% ill be looking at 6% and over.

Your mortgage term isn't ending, only your original mortgage product.

It is not a case of your lender 'allowing (you) to' stay with them - they took a risk on lending you money for 25 years or however long, and they can't change their mind now.

I agree with the general consensus that sticking with them will likely be your best/only move. Call them or check your Ts and Cs to see what will happen to your rate after your product finishes. It probably won't be as bad as you think.

macka001

Thanks for all your help, off to call the lender and see what they have to say.