Re-mortgaging + negative equity. Need advice.

[PureAsTheColdDrivenSnow]

Our fixed rate mortgage is up very soon. We bought at the absolute height of the market in June 2007, so we have probably lost at least 10% of market value.

Hopefully our variable rate will be favourable and save us a bit of money, but we're not counting on this.

Looking for any advice on remortgaging with neg eq, esp if the market is as bad as it is right now. thanks.

No, don't apologise! this is exactly the kind of information I am after.

We are with C&G, and I'm hoping that being Lloyds customers for 20 years will help, as will current climate.

Truth is, our house is likely worth less than it's mortgaged for. [terrified]

bump

Hi

we're in exactly the same position right now and coincidentally our mortgage guy rang yesterday to discuss what we do when our fixed rate ends in a couple of months.

He said its very unlikely that we would be able to move mortgage providers but that we would just go on to our current one's standard variable rate - not another fixed one - which means at the moment that we would be saving around £150 per month because our fixed rate is higher than the variable one, which is good news in the short term.

Just thought you might be more encouraged to hear that you may be saving money each month for a while at least.

Hope that helps

Oh that's interesting, thanks for posting.

We had a look at our variable rate, and we should save a bit of money when we switch to it in the short term. Our fixed rate is currently at 6.5%, so hopefully it'll be a while before the variable rates get up that high again.

Not good to know that we prob wouldn't be able to get another fixed rate though