Remortgaging - need help!!

harrypotterfan

Hello,

I have a Standard Life mortgage, which was originally on a fixed rate. The fixed rate ran out in October 2009 and defaulted to a SVR of 5.54%. Since then they have not been offering remortgages and still aren't.

I'm petrified that interest rates will go up and we will be stung big time. I have £136k outstanding on the mortgage and the house is worth £155k (I'm guessing here - it could be worth more, could be less!!).

I would like to remortgage on a fixed rate, however I don't have any money to put down up front. Also, because I can't guarantee how much the house is worth, I'm not sure on the equity. If I remortgage saying the house is worth £160k (which would give me 15% equity and open the market to me more), what happens if they turn around and say it's worth less at the valuation??

I'm feeling a bit vulnerable at the moment and need the security of the fixed term, but I also don't want to pay fees for a mortgage that they won't give me. Any ideas people??? I'd be very grateful!!

:(:(

kingstreet

Find a remortgage deal with a free valuation and if there is one, an arrangement fee only payable on completion or added to the mortgage.

If you apply on that basis and the property is downvalued, you know exactly what you can and can't do and it won't have cost you anything to find out.

If it is downvalued too much, you simply cancel the application and you're not out of pocket.

Thrugelmir

harrypotterfan wrote: »

I'm feeling a bit vulnerable at the moment and need the security of the fixed term, but I also don't want to pay fees for a mortgage that they won't give me. Any ideas people??? I'd be very grateful!!

Is your mortgage on a repayment or interest only basis?

Are you making overpayments on your mortgage to reduce the capital balance owed?