Thanks for your kind words.

You’re in the same situation as many, many, many people! With house prices decreasing and mortgage criterias becoming tougher, everything is looking extremely scary. With a lot of people falling into negative equity, remortgaging seems impossible.

But hopefully by March the situation will be better. Banks need to start lending again and the housing market needs to pick up, otherwise the entire economy will just collapse. I’m not sure how much better things will be by March, but i suspect there will be an improvement. Fingers crossed!

I imagine the problem is that most lenders will only offer OK rates with the condition of a max loan value of 75%! Very few people have 25% equity these days- especially those that purchased with in the last 2 years.

I wish you the best of luck.

I own a BTL property with a £97k interest only mortgage which is due up in March 09. At the time I took the mortgage the flat was valued at £115k, now I reckon I’d struggle to get £100 for it, even though it would have flown off the shelves at £130k a year ago…

Hopefully the mortgage market will improve a bit by March as you say, but I am shitting myself nonetheless!

There’s not much advice you can give me I’m sure, I think I know I’m in a pickle – but I wanted to let you know I like your blog and have subscribed.

I’m with you on the doom&gloom brigade – in fact I think that’s the main reason we’re in this big bloody mess right now. So I’m proudly going to stick my head in the sand for the moment and jump off the remortgage bridge when I come to it.

Take care
Elaine

In this climate, overpaying is always sensible. Who did you decide to borrow from, and was there a product fee (if you don’t mind me asking)?

Because of your age, most lenders won’t go beyond the age of retirement, which is 65. So if you release equity, I think the most you can stretch it will be an extra 3 years (13yr plan). But it depends on your lender.

Kind regards

I guess this the sensible option?

Then I was looking at outstanding capital payment via equity release? If so do I still have the remaining term to pay outstanding capital. (52 years of age)

Many Thanks
Dave.