When can I re-mortgage-is it going to get worse?

[Deleted User]

Hi

Starting to panic a bit! I'm on a fixed rate mortgage of 4.99% until 2nd November 2008 with Abbey (was a 2yr fixed rate).

When can I start looking around with a view to changing my mortgage. Realistically, I'm starting to panic! My payments are currently £540 per month on a repayment mortgage of £92000. My house (going off others in the area) is worth about £160-£170000.

I'm not even living in my house yet it still has no kitchen/bathroom (slow work renovating ) so other than the mortgage I have hardly any bills. I think I'm going to have to look for another fixed rate as I don't think I like the idea of 'playing' the market with a tracker, incase it shoots up again.

I seem to think come October time it's going to be worse than now and I'll be totally stuck.

Any advice (sorry I've waffled and I'm not even sure what I want to know now)! I think I just wanted a moan!!!!!!!!!!

minimike2

Without a working kitchen / bathroom the property is now unmortgageable in the view of most lenders, so you are probably going to need to get a new deal from Abbey, or stay on thier variable until the property is back in a mortgaeable condition.

[Deleted User]

By October, my bathroom will be working, it's all there just needing fitting. And I have a kitchen sink and some of the old cupboards, but it will be ripped out eventually in place of a brand new kitchen. To say it is not mortgagable is a bit OTT. It has heating/hot water/electric and all new windows and doors. Most rooms have been re-plastered, but it's not unmortgageable! I've 'home visited' some people as part of my job which have houses in worse condition than mine!!!!!!!!!!

_Andy_

If it doesn't have a working kitchen/bathroom at the moment then (for now at least) it is unmortgageable.

[Deleted User]

How do the mortgage company know anyway! What I'll just do is make sure the bathroom is plumbed in and keep the old (but working sink) and old units for now in the kitchen. There . . . it is now mortgagable.

_Andy_

No need to get defensive about it, we're just trying to help.

Cazza

The new lender will send out a a surveyor, who will note it on the valuation report. If you have basic facilities, a flushing loo, and hot and cold running water you'll be fine, I think it was the wording of you post, as you said you had "no" kitchen or bathroom that led to _Andy_'s response. He's correct, but if your place is technically habitable, you should be ok.

[Deleted User]

Sorry - just frustrated! It had a working kitchen and bathroom when I bought it, but trying to do it up! I think I gave people the wrong impression. The bathroom has been ripped out, I do now have a toilet and sink but just waiting for the tiler to tile so the bath can be plumbed in. The kitchen has not top units, but it does have the sink and old units in it - I've just not got round to ripping them out as I use the sink to rinse paint brushes, fill the kettle up, etc..... The hob is still in (which works but I don't use it, and I do have a microwave for ready meals), but this is just for tradesmen, etc........ At some point it will come out, but I think people though it was totally unliveable - and it isnt!

Bad day . . . .. .

Cazza

I would say it's probably worth looking into your remortgage options now, at least that way you've got something sorted and in the pipeline for when your deal does run out. I'm currently contacting my September and October clients to get them sorted out. If the situation improves before the remortgage completes, :rolleyes:, you can have another look at things and decide if there's a better option nearer the time.

[Deleted User]

Thanks Cazza, any particularly good fixed rate deals out there at the min that will look at me given my existing mortgage doesn't expire til 2nd November. Think the situation will get worse not better in terms of fixed rates. . . .

Cazza

Talk to a broker is all I can suggest I'm afraid! There's nothing hugely "fluffy" I can arrange for my clients coming out of deals similar to yours I'm afraid though! Assuming your income / outgoings stack up, it doesn't sound as though you'll have an issue rearranging another fixed rate, but there's a good chance the rate will be going up. Sorry!