mortgage coming to end of deal

bob5

Hello

My mortgage is coming to the end of it deal in May this year. I am badly in debt in which i have negotiated with the creditors a fixed monthly repayment. I have never failed to pay my mortgage this is always paid on time.

What i would like to know is what happens when my mortgage comes to an end? Do they transfer to the vairiable rate automaticaly or do i have to re apply? ( concernd if i have to apply because my credit scoring is very low at the moment)

VIGILANT22

you will automatically go onto svr...who is yr lender

bob5

I am with Halifax..have been with them for 8 years now.

VIGILANT22

you can do a product transfer with the Halifax (new product) without any credit check...if you used an adviser just go back to yr adviser, otherwise just fone up.........

SmlSave

I just got a letter saying to be aware that at the end of the I am on their SVR.

You shouldn't have to reapply

beecher2

You'll automatically go onto a rate of 3.5% when your deal comes to an end.

bob5

Thankyou very much for the info everyone..puts my mind at rest...was worried that i will have problems getting a new mortgage.

dimbo61

Bob5 have they got any other deals for existing customers that might help you at the moment!
The SVR at Halifax is 3.5% but could you get a 2/3/5 year fix that means you know how much your mortgage costs are for the next few years while on the debt repayment scheme.
Just something to think about if your income is fixed each month

VIGILANT22

Due to your current circumstances I would take on board dimbo's suggestion...as their is talk of Halifax starting to credit score and assess affordability on exisiting customers....if this happened in yr case it may prove tricky...