Please point me in the right direction :)

mlphj

We have a fixed rate mortgage with mortgage express which is due to come out of the fixed period in april next year. The original agreement said it would revert to 3% above the base rate. It was originally a 95% mortgage and we dont have any funds to move to another provider. I received a letter a while ago saying they may not be able to honour this agreement because of the banking crisis, If so what happens to my mortgage in april? We are asking now because we really have no idea where to go or what to do. Can someone please help us or point us in the right direction. Also if you require any more information then we will gladly supply it. Please Please

_Andy_

Hi and welcome to MSE

Basically if you haven't got at least 10% equity you will be stuck with whatever ME can offer you.

Joe_Bloggs

Mortgage express as part of Bradford and Bingley were nationalized. You should get what you signed up for. Do you get an end of year mortgage statement to see where you stand? Can you view your present mortgage situation online ?
J_B.

dimbo61

Hopefully come April next year if the Bank of England base rate stays the same
you will be paying an interest rate of 3.5% on your mortgage.
Now if you do and I guess you are paying more on your current fix please use the extra money to overpay each month and build up the equity in your home and also reduce your debt.
Unless you have lots of other more expensive debt to clear first
GOOD LUCK