Fixed rate end

Sally_Hutchinson

Can you advise me on what to do about my mortgage??
I have a fixed mortgage for 5 years that ends approx may 2009.
I have two interest rates at 5.9500 and one at 5.4900.

I have an appointment with my lender on the 28/02/2009 regarding this.
I also thought I would shop around the high street, and because I only have 7 years left on the mortgage and owe £17,848.29 I have been told that they cant help as the minimum has to be 25,000.00 which means to switch I would have to borrow more money.

With only 7 years left, and be mortgage free this is the last thing I want to do.
Any suggestions?

Many thanks
Sally Hutchinson (Mrs)

beecher

Stay with your existing lender - you might find your best option is to stay on their SVR as at that level of mortgage you're unlikely to find a fixed rate which makes it worthwhile in terms of fees. Plus most deals seem to be higher than the SVR at the moment, from what I've seen.

dimbo61

Find out what your mortgage reverts to at the end of the fix ( give the mortgage centre a call )
You could ask for the mortgage payment to remain static and you would then be overpaying each month and clear the mortgage quicker !!!
Hopefully your mortgage rate will drop to 4/4.5% on the SVR
GOOD LUCK

angela110660

I def agree with previous posters to check out the SVR of your lender. Our 5 year fixed ended last October and we started panicking and getting info on new deals. In the meantime, stayed on the lenders SVR and still are - we currently pay over £100 less per month than our fixed rate was costing us last year. We are keeping any eye on the rates though but not worried as saving the difference each month.