mortgage up for renewal need advice

micmac22

Hi all, in need of some advice.
my situation is took out mortgage on flat £60k 7yrs ago. took out 20k further advance to set up self employed business that is failing 4yrs accounts. current mortgage stands at 49k. 7k of that is the rest of further advance that i have been over paying. flat is now worth around 45k due to price fall.
I am now a house husband earning around 6k self empoyed with a 18 month old son;). My partner works full time earns 17k paye but is not on the mortgage. We can afford current mortgage and bills and never missed payments.
We have 5k cc debt on 0% card ending july 2011, and around 8k cash in bank.
remortgage due on november 1st 2011... what are your thoughts please and are we going to lose property?

appriciate your help and advice.

blueberrypie

What rate will your mortgage go onto in November?

Thrugelmir

Your current product ends in November not your mortgage. There will be no requirement to "remortgage". Your choices are to either fix your mortgage for a further term or drop on onto your existing products follow on rate. With no equity in your property changing lender is not an option at this time.

Use your cash in the bank to clear your 0% credit card when the interest free period expires.

micmac22

thanks for that, well explained.