Mortgages

gerri1963

I have had my mortgage for over 10 years and never missed any payments. I am due to come to the end of my rate in Sept 2009 - If I do nothing does that mean they will just put me on the new % rate. The reason i ask is that I am currently with CCCS re debt mgmt strcture and it is going very well. Again no payments were ever missed on loans or more important mortgage. I am just worried they might "stop" the mortgage I have with them - Abbey -
I am in full time employment.

_Andy_

When the rate ends it will go to the lender's standard variable rate, unless you arrange another rate nearer the time.

Henwen

Yes they will put you on a new (higher) rate. They should write to you beforehand to warn you what the rate and new monthly amount will be. You could shop around then, though your options with debt management plan may be limited.

gerri1963

Thank you for the replies - I was hoping you would all say that. It has put my mind at rest. Even if it does increase I should hopefully have had a salary increase or two to compensate.

Alias_Omega

how much do you owe on the debt, can it be paid off before the end of mortgage deal

gerri1963

Alias_Omega wrote: »

how much do you owe on the debt, can it be paid off before the end of mortgage deal

AROUND £45K - I will have it paid in 8 years according to CCCS. But I am also looking for extra part time work and all monies will go to that also. However now I am with CCCS it is a lot easier to manage my money having now got a real workable budget.

Gloster_Advise

gerri1963

even though you may think that the Debt man people are paying a token payment per month, in my experience, and not all, some creditors will register a default even though a DMP has been set up. Not putting the frighteners up you but it has happened many times when clients think everything has been hunky dorey payment wise when all along they have had 2 or 3 defaults and it has hampered their ability in getting high street lending.

If your loan to value is <75% stay with the Abbey, request a credit report and ride the storm.