Fixed rate to variable?

Ole20_2

Hi,

Can anyone help with my query please?

I had a 100% mortgage 3 years ago with future mortgages, they are now citigroup and do not offer mortgages any longer. Im coming to the end of my 3 year fixed rate deal in august and presume I will be put onto their variable rate and continue as was? Has any one any experience of this?

My concerns being a not brilliant credit rating and the potential of having to get a mortgage elsewhere whislt im in negative equity..thanks a lot....

Cannon_Fodder

(ignoring the spam...)

If in negative equity, you won't be able to re-mortgage elsewhere. To do so, you would need to find the funds to get to a 90% Mortgage, and as you say you have credit issues, I'm guessing you don't have spare cash for that.

So, you'll have to sit on the SVR - which hopefully is less than the old Fixed rate, so you can overpay with the difference and gradually eliminate NE/begin to create equity, so in time you can re-mortgage elsewhere.

weehev

hiya

i got a 101% mortgage in 2007 with dunfermline :eek:
it was fixed for 2 years at 6.2% and this came to an end in november, since then iv been on svr at 5.2%. therefore my payments since november have been less (£628 down to £567)

i looked into overpaying but they were looking for letters and confirmation of salaries etc again so instead iv been putting the extra money away in an ISA each month.

at the end of ur fixed rate ul automatically go onto SVR, i think ul have to stick with this until ur out of negative equity.

hope this is of some help, good luck