What happens at the end of my fixed rate?

ellen1089

I took out a mortgage just over 3 years ago now, it was fixed for 5 years. my concern is, at the end of the 5 years, my house is probably going to be worth less than the mortgage, as at the time we were given a 100%. I know its too early to start looking at new deals, but just wanted to know what would happen, as i cant see anyone being willing to offer 90/95% mortgage? Will we be able to keep our home?

TMSL

Ellen, you do not have to remortgage at the end of your deal, you will revert to the lenders variable rate, which depending on which lender you are with is probably much lower than what you are paying at present, however rates will vary in two years time when your deal ends. If you read your kfi or original mortgage offer you will see that the mortgage will just run to the end of the term on the lenders variable rate if you choose not to remortgage or even if you cant remortgage (due to lack of equity) you certainly wont lose your house. Which lender are you with

ellen1089

Thanks for that! That's put my mind to rest
We're with Scottish Widow.