Can someone give me mortgage advice?

[Poppyscock]

We are with chelsea who have lowered their SVR despite the interest rate cuts, so when we came off our fixed deal our mortgage went up by £90 a month.

We have tried to switch lender but they say we don't have enough equity in our house.

We purchased in 2006 for £180,000, the last valuation we had in Sept. 2008 valued the house at £165,000.We have a £159,000 mortgage.

Our mortgage is stretching us past our limit but we don't want to go mortgage free as we are desperate to move and will only be able to do that if we reduce the amount we owe.

Any ideas or suggestions gratefully received

*havent lowered their SVR

I would suggest going to an independent mortgage advisor.
we used one when we purchased our house and he was absolutely fantastic.

it was a free service running from a local estate agent. basically the MA gets paid from the company he sells to you, iyswim... which means ytou don't have to pay for the service

it was definitely worth it for us because we were having trouble finding someone to lend us the money we needed and he found someone straight away.

I just asked dh to phone london and county - fingers crossed

We have a very good deal with a tracker mortgage from woolwich (through barclays) Our mortgage has more than halved in the last year.

Dont ask the current company if you can leave, find a new mortgage lender first, they may do the transfer for you.

The brooker said they cannot help

I guess we will have to go intrest only

The problem that you have is that it is impossible to get a mortgage with less than 10% deposit.

hmmm, might it be worth getting someone else to value the house now? just to see? or do you think it's pretty much the same/lower?

I thinks its probably lower thisisyesterday

You have my sympathy - it's a shite situation to be in. There are going to be more and more people too, and so many have absolutely no idea.

if you are desperate to move, would rent cover the mortgage and you could rent somewhere big enough/in the right area or whatever until things pick up. i know its tough, been there myself in the last recession.