Remortgage Panic

Bells1

Hi,
I just want some advice really! I have a 5.75% 100% mortgage on a one bed flat. I am renting it out and the tenancy runs out 11July 2008.Current rent just covers the mortgage repayments. My mortgage fixed rate runs out 31 July. I understand that I will need the property to have increased in value to make the 85% LTV for a buy to let mortgage, I have done the property up with a new kitchen and bathroom, painting etc. I am just wondering is it worth remortgageing early or wait until July. Alternatievely do I put the property up for sale before the tenancy runs out??? A little confussed! Thanks

herbiesjp

Bells1 wrote: »

I am just wondering is it worth remortgageing early or wait until July. Alternatievely do I put the property up for sale before the tenancy runs out??? A little confussed! Thanks

Do you want to keep the property or sell?

If you are looking to keep the property then now is a good time to start looking at new deals

You 'll need to know the value of your current mortgage balance, the currrent value of your property and the rental income you are receiving

Thinsg are getting very tight on the mortgage front, with a whole raft of new emails from lenders saying they are putting up their rates.