mortgage advice

forest0300

i have a mortgage with northern rock which has run out off the fixed rate 4.79%, i phoned them up and tried to get a variable rate but they dont offer one or a fixed rate and the bloke on the phone said they wouldnt be offering one so ur best bet would to be to go else where. my problems is my house is worth 112,00 and my mortgage is 102,000 so i dont have the deposit off the 80% which alot ov places ask for. what would peoples advice be as im just considering trying to pay more off my mortagage each month.

shackalak

I'm not sure how Northern Rock works but when you come to the end of your fixed rate deal, do you not automatically revert to a variable rate product?

I'm with Nationwide and when my fixed rate ended in September, I simply continued on their base mortgage rate which is variable but is currently a lot lower than the fixed rate of 5.63% I had been on for 3 years.

If you do switch lenders and are planning to pay more off your mortgage each month, make sure the product you take will let you make the overpayments you want to without causing an early repayment penalty.

forest0300

yeah sorry thats whats happened it has changed to 4.79% now from what it was.

madeupname1

You may get a more knowledgable response on the mortgages forum but, when I found myself in a similar situation a while back, my only choice was to continue paying on the mortgage I had at the SVR and then make sufficient OPs to get my loan to value down to a point which meant I was able to apply for better mortgages elsewhere. If your home is indeed worth £112k (some mortgage lenders take a very conservative view on house value) you are very nearly at the 90% loan to value mark. Although the rates are not great, there are a few lenders offering mortgages are 90%. Good luck

Bluemeanie_2

HSBC are doing 90% LTV. I've heard they are selective, but I got one.On a fairly decent rate too.