Re-mortgage advice please

balijay

Hi

Talk of interest rate rises this morning has prompted me to ask for your views on my mortgage situation please.

My partner and I are currently on NRAM svr (4.79% I think). Our outstanding mortgage is £162k and our property is probably worth £185k. We are making interest only payments just now (no flaming please) but can change to repayment next year once our youngest goes to school and our loan is paid off (cost £264 per month). Our income is the problem here - we both work full time - last year DP earnt £20k and i earnt £10k after expenses (am a childminder).

Do we have any options here and is it worth me speaking to a mortgage broker? Or shall we just move onto repayment and hope interest rates don't go up too much?

Thanks in advance for any advice (won't be back on here til later).