We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
When current deal ends...?
joeyvicks
Posts: 237 Forumite
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
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
0
Comments
-
Assume you're stuck with your existing lender.
Who are they?
What's their current SVR?0 -
If you can afford to. Overpay your mortgage.
As your options will be limited for some time.0 -
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.0 -
Halifax. Current SVR is 3.99%
Can't really afford to overpay. Is there anything else we can do?0 -
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/0 -
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 353.5K Banking & Borrowing
- 254.1K Reduce Debt & Boost Income
- 455K Spending & Discounts
- 246.6K Work, Benefits & Business
- 602.9K Mortgages, Homes & Bills
- 178K Life & Family
- 260.5K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards