Fixed rate ending - what next?

piglet25

My last fixed rate payment on my mortgage is in March and I have no idea what happens next! Do I get automatically put onto another rate or do I have to go in to the bank and sort it out? Am worried that the payments will go up when rate ends. Am currently with Barclays on a rate of 5.?%, if I went on their SVR rate today (unsure what it is at the moment) what would that do to my payments of £318 pm on a £54,000 mortgage? Am not very good at all this financial stuff, so do I need to be looking now or just leave it to Barclays to sort out?
Thanks in advance

opinions4u

piglet25 wrote: »

My last fixed rate payment on my mortgage is in March and I have no idea what happens next! Do I get automatically put onto another rate or do I have to go in to the bank and sort it out?

Dig out your paperwork from when you took out your mortgage. With most lenders you will go on to their SVR. Barclays often have a tracker rate that you automatically go on to - this can often be very cheap in the current climate, but not always!

Your original paperwork (or a phone call to Barclays) will clarify exactly what will happen.

if I went on their SVR rate today (unsure what it is at the moment) what would that do to my payments of £318 pm on a £54,000 mortgage?

Until we know what the rate will be, and how long is left on your mortgage, we can't help.

Am not very good at all this financial stuff, so do I need to be looking now or just leave it to Barclays to sort out?

Never leave it to your bank to sort out. Research things for yourself, using sites like this.

So, what would help other posters:

- what rate will you go on to?
- how much do you owe? £54k
- how long is left? 25 years
- what's your house worth? £110k

Possible outcomes will be:

- stick with your Barclays rate it's great.
- stick with your Barclays rate,, it's ok.
- see what other deals Barclays have.
- consider using a comparison site like www.moneyfacts.co.uk to price up mortgages elsewhere.

piglet25

I owe £54,000 mortgage originally £58,000. It has another 25 years (!) left to run, and house is worth approx £110,000. I will try to dig out my paperwork for anymore info, now off to plough through five years worth of clutter.......may be a while!

redpete

piglet25 wrote: »

I owe £54,000 mortgage originally £58,000. It has another 25 years (!) left to run, and house is worth approx £110,000. I will try to dig out my paperwork for anymore info, now off to plough through five years worth of clutter.......may be a while!

You should have received a letter recently explaining that the deal is ending soon and what happens next. If you can't find it just phone the lender, they will tell you exactly what will happen rather than people on the board guessing.