Mortgage deal coming to an end

I struggled onto the houseing ladder almost 2 years ago now with a 10% deposit with a 6.19% fixed for two years with Nationwide.

Due to house price changes and repayments i'm at about 88% LTV i owe £102,000 i don't have the £3500 to get myself to 85% LTV.

My option
1. Fix now for 2 years at about 6.7% and see my mortage go up by £50 a month

2. Go on a viable rate of 3.99% and pay £140 less than i am now. then wait for a good fixed rate to come along.

3. Go on a viable rate of 3.99% and pay £140 less than i am now make overpayments on my mortgage of atleast £140 a month or maybe more and fix as soon as i get to 85% LTV which would give me a resanable rate although higher than the 3.99%

Look forward to seeing what people think maby people have other options i could consider.

Thanks

Max

Replies

  • ChopperSTChopperST Forumite
    1.3K Posts
    Part of the Furniture 1,000 Posts Name Dropper
    Forumite
    Option 3 all the way, overpay overpay overpay.

    If interest rates rise too steeply you can always take out a new product and fix but hopefully you will be able to bring your LTV to the magical 85% or less in that time frame.
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