Please help re. Negative Equity!

silvercar

DON79 wrote: »

Unless of course they are like my current lender and they are no longer offering any fixed rates etc.

We are not interest only, we are repayment, but we are stuck on standard variable and cannot fix as my lender just is not offering any fixed/capped/tracker mortgages. So whilst it is very good for us that interest rates are low, we are not so keen if the rates shoot up again, which hopefully will be a couple of years given the way things are at the moment.

Lots of people are on variable rates as these are so much lower than the fixed rates at the moment.

If your payment is very low, one option is to set money aside into a savings plan each month to put towards any rise in payments when interest rates rise.

kepar

On what basis will they give you a 175% mortgage?

DON79

silvercar wrote: »

Lots of people are on variable rates as these are so much lower than the fixed rates at the moment.

If your payment is very low, one option is to set money aside into a savings plan each month to put towards any rise in payments when interest rates rise.

Trying hard to but my OH is an awful saver! he doesn't see the point of saving :mad: and he is the chief breadwinner so I save what little I can but I can see it getting nibbled away at all the time

m1234w

£75k negative equity on a property with an interest only mortgage which is unaffordable at a time when the BOE base rate is 0.5%?

I know what I would do (I did)