Little help with my mortgage please :)

athensgeorgia

I have a mortgage with the Halifax its supposed to be fixed until August 09 but as we had a large tax bill we wanted to finalise it and pay off we borrowed extra money on our mortgage. We received a letter last month saying the additional borrowing was not fixed and our payments would increase which they did from the 1st November payment. Does this mean as the base rate has dropped our additiional borrowed will decrease or stay the same or increase? I know its only been a week since the base rate dropped but i haven't heard anything yet and it won't be enough notice to alter Decembers payment iyswim. Can someone explain this laymanly please for a relative newb.

Btw i was gonna ring them but didn't want to look too eager.

grogdog

normally when you borrow extra money it will be on the svr so that when your fixed rate ends you are able to move all the mortgage to a new lende rwithout any redemption fees. if you are on the svr then your payments will drop if the lender passes it on.