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any hope? two mortgages up for renewal...
julybride
Posts: 205 Forumite
Okay can anyone give me a glimmer of hope....
Me and hubby have to properties one is rented at £600 (costs us now £850 fixed rate just ended - on a buy to let with 20% equity) we left this property in Essex due to a move in jobs.
We also have 35%+ equity in another property that we live in (1 bed) with a new baby and one on the way we are going through selling the rental and this to buy another.
The rental is sold and should go through in the next 2 months (assuming the buyer doesn't fall through) and in the current climate i am getting nervy!!! looks like the one we live in will be about 4 weeks after!!!!
But we have come to the end on our fixed rate deals and i am getting nervous about the situation. At what stage would you batton down the hatches refix and weather the storm!!!! i.e. if either or both sales fell through!!!
Me and hubby have to properties one is rented at £600 (costs us now £850 fixed rate just ended - on a buy to let with 20% equity) we left this property in Essex due to a move in jobs.
We also have 35%+ equity in another property that we live in (1 bed) with a new baby and one on the way we are going through selling the rental and this to buy another.
The rental is sold and should go through in the next 2 months (assuming the buyer doesn't fall through) and in the current climate i am getting nervy!!! looks like the one we live in will be about 4 weeks after!!!!
But we have come to the end on our fixed rate deals and i am getting nervous about the situation. At what stage would you batton down the hatches refix and weather the storm!!!! i.e. if either or both sales fell through!!!
julybride
DFD 18th Dec2007
We did it!!!
DFD 18th Dec2007
We did it!!!0
Comments
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There's no point locking yourself into fixed rates if you have any intention of selling.
Fixed rates are currently going down, not up, so there's little risk in waiting a little while and paying a variable rate during that time.0 -
Are they? I got the impression BOE are likely to put up interest rates after the NR problems!!!julybride
DFD 18th Dec2007 We did it!!!0 -
If anything the reverse is true Julybride. The cost of borrowing to lenders has gone up (LIBOR) due to the credit crunch, but all these problems have made it much less likely that the Bank of England base rate will increase any further.0
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see if you lender(s) have a no fee, no tie deal you could jump onto to avoid paying SVRAny posts on here are for information and discussion purposes only and shouldn't be seen as (financial) advice.0
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