hi

craig_1983

i have two questions bugging me so i thought id share....

1: im currently on a 25year mortgage with co op.i took out a 5year fix which was 4.99 last december. i borrowed 90k.
once the 5 years are up, will they offer me another 5year fix or another similar deal??how does it work? my house is currently worth 125k.


2: when i got my 5 year fix i gave them copies of my wage slips etc. everybody knows the current climate with recession and job cuts. if at the end of my deal i can get a better deal elsewhere i will go for it. however,,, im currently on 27k. lets just say at the end of my 5 year fixed rate i lose my job and my new jobs pays me 18k. where do i stand? beacuse i will have to show all documents again to new bank??

its the first house ive purchased so dont really know. thanks

opinions4u

1. Read your "Key Facts" document for clarification of the rate you will move on to at the end of the fixed rate peiod. Usually it will be the lender's standard variable rate, sometimes it may be a tracker deal linked to the Bank of England base rate. While there is no obligation to offer you an alternative deal, most lenders will offer you a range of different products, fixed or otherwise, that you may prefer.

2. If you are staying with the same lender, no checks will be carried out. If you are changing lender then you will be asked to very income etc.