Hi all,
Newbie here.
I have a current 3yr fixed mortgage with Haven (EBS) which expires in mid July 2011.
Trying to assess my options early to do some budgeting as a baby is on the way.
I'm guessing the LTV is now up around 130% (ouch!).
30yr term. Current rate is 5.18%, fixed just before ECB rates dropped (more ouch!). Seemed sensible at the time to help with forecasting expenses.
At the moment servicing the payments is fine, tough but manageable and no arrears or missed payments and it's our only debt. My worry is where things are heading to by July.
Switching lender not likely an option, fixed rates will either be gone or cost prohibitive, current variable rates are probably on par with our current payments but are only heading one way.
So, any thoughts on options?
Many thanks
Newbie here.
I have a current 3yr fixed mortgage with Haven (EBS) which expires in mid July 2011.
Trying to assess my options early to do some budgeting as a baby is on the way.
I'm guessing the LTV is now up around 130% (ouch!).
30yr term. Current rate is 5.18%, fixed just before ECB rates dropped (more ouch!). Seemed sensible at the time to help with forecasting expenses.
At the moment servicing the payments is fine, tough but manageable and no arrears or missed payments and it's our only debt. My worry is where things are heading to by July.
Switching lender not likely an option, fixed rates will either be gone or cost prohibitive, current variable rates are probably on par with our current payments but are only heading one way.
So, any thoughts on options?
Many thanks