When current deal ends...?

joeyvicks

Hi all,

We currently have about 20 months until our 5yr fixed term ends. We currently pay 6.5% so are very much looking forward to it ending. My worry is that at present we still owe £134,000 on our house which is currently valued at £140,000. If you say over the next 20 months it will be down to £130,000 meaning the LTV will be 93%!!?
Can anyone shine any light on the potential options we will have re a new deal.

Many thanks

opinions4u

Assume you're stuck with your existing lender.

Who are they?

What's their current SVR?

Thrugelmir

If you can afford to. Overpay your mortgage.

As your options will be limited for some time.

dimbo61

Every pound you can overpay now is saving you 6.5% TAX FREE so overpay if you can afford to.
Check with your lender first as most allow 10% a year overpayments but not all.

joeyvicks

Halifax. Current SVR is 3.99%

Can't really afford to overpay. Is there anything else we can do?

opinions4u

Halifax have a range of products for existing borrowers with little or no equity.

They will doubtless be different when your product expires.

http://www.halifax.co.uk/mortgages/existing-customers/switch-to-a-new-deal/

Thrugelmir

joeyvicks wrote: »

Can't really afford to overpay. Is there anything else we can do?

Seek inspiration from the Debt Free Wannabe forum.

Many on their have had a light bulb moment.