Remortgaging

Hi Guy's,

Hope you could give us some advice.
We are with a subprime lender for the last 9 monhts, we are currently on a rate of 8.24% but this has been reduced in the last few weeks as we asked if they could and they did no problem.

My question is we want to re-mortgage obviously but our house prices have dropped so there would be negitive equity i pursume. Where would we stand with banks.

Thanks for any replies in advance.

Elainee40 said:

Hi Guy's,
My question is we want to re-mortgage obviously but our house prices have dropped so there would be negitive equity i pursume. Where would we stand with banks.

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I don't know any bank that would entertain you under these circumstances.

Elainee40 said:

we are currently on a rate of 8.24% but this has been reduced in the last few weeks as we asked if they could and they did no problem.

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You are on 8.24% now so this IS the reduced rate? What was the old one?!?

My question is we want to re-mortgage obviously but our house prices have dropped so there would be negitive equity i pursume. Where would we stand with banks.

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Probably not but ...

How much is the house worth approx?
How much do you owe?
What other debts do you have?
What are your earnings?
What are your ICB credit history records like in terms of past credit problems etc.?