fixed rate mortgage ending this year

scrumcious

Hi guys just needed some advice as per usual, our fixed rate mortgage is ending in september this year we paid to have it fixed for 5 years the thing is our mortgage now is £850 a month and when the fixed rate ends it might go up considerably prob £1000 plus a month we struggle at the minute to pay the 850 so would like any suggestions on going with someone else with less amount to pay each month but possibly repayment one.
many thanks to you all.

Squish_21

What is your fixed interest rate? What is your banks SVR (which I asume you will be going to)?

scrumcious

sorry i dont know without checking all my paperwork, whats svr ?

Eyesparky

Standard Variable Rate (SVR) ... effectively the banks base rate and the one you will most likely move onto at the end of your deal assuming you don't find a better deal in the mean time (difficult at the moment).

scrumcious

I will check and get back to you. thanks.

Eyesparky

Don't get too stressed until you know the current bank SVR. Your original offer may have had an SVR above your fixed rate which could seem scarry, but at the moment many SVRs are similar to or even below the fixed deal coming to an end.

botchjob

i'd be amazed if you won't be quite a bit better off come september. My 2 year fix ends in March and i'll be saving over £200 a month (although admittedly quite a large mortgage).