Re-mortgage virgin!

ses999

Hi all,

Any advice on my situation would be much appreciated, and I'm a newbie, so please bear with me!

I bought my property in Sept 2009 for what I still consider a steal - it was on the market for 330k, and it got it for a cheeky 275k due to the sellers' personal circumstances, how long it had been on the market, and the fact that they had a previous offer fall through at the last minute.

At the time of purchase, I was unable to obtain a mortgage big enough by myself, so my Dad was able to help me out and gave me some money towards the deposit. I was therefore able to put down 82.5k, and had a mortgage of 192.5k. My salary at the time was about 42k, but has since jumped to 75k. 3 identical properties in my block have sold in the past 6 months for 313k, 320k and 325k, so assuming that the valuation I get is somewhere around the 315k mark (being conservative), I would like to increase the size of my mortgage in order to give my Dad back the 40k I owe him.

Does anyone have any advice as to the best options for me at the moment? I am at the end of my FTB 2yr 3.88% fix (interest only) with what was Abbey, but is now Santander, and have moved onto the SVR of 4.24% because I was waiting for my payrise to come through before remortgaging. I also want to move to a repayment mortgage. Santander are offering me 3.49% 2 yr fixed or 2 yr tracker of BR+2.49%. I have done some research but what with the way that the markets are at the moment, I am unsure as to whether I should fix or track, for how long, and what to do about the extra equity that I want to take out to repay my Dad. Any thoughts would be most appreciated!

Thanks in advance
Sarah

dimbo61

Sarah If you earn £75K a year why not spend a little money on speaking to an expert !
" whole of market mortgage broker" He/she can sit down with you and go through everything.
Plans, income, job security, marriage, kids!! pension, deals available,
repayment, offset, IO. 2/3/5 year fix or tracker :-) only you know what suits you best.