our mortgage deal is coming to an end and were not sure of our options. we still need practically a 100% mortgage, but cant find one, help!!
we currently have a 3 yr fixed rate at 6.89%.
No need to panic, depending on your lender, your rate will revert to their standard variable mortgage rate with no early redemption penalties and you're likely to find that your new rate is less than 6.89%. | 02.21.11 @ 11:21
As to 100% mortgages, unfortunately you won't find one. The credit crunch put a stop to all of this | 02.21.11 @ 11:49
as said above, 100% doesn't exist and the "best" remortgage deals at a 90% loan will be similar or more than what you are paying now. best bet is to see what your lender SVR is, likely to be 4-5% although some lenders are at 2.5-4% and use the reduced rate to overpay and bring down your balance (assuming you have no capital in the bank to pay off a lump sum)
this of course should only be considered once you have reviewed everything else in terms of your protection arrangements, budget planner etc. its important to ensure that your mortgage continues to be affordable and paid by safeguarding yourself and your income. | 02.21.11 @ 13:25