Enf of fixed term mortgage and DMP

jonosh82

Hi everyone

My wife and I have a mortgage with HSBC - fixed rate until March 2012. I had c/c and loan debt when they agreed the mortgage.

Since then I have started on a DMP with CCCS. I am worried that when our current fixed rate expires, I will not be able to get a new deal.

If we did not get a new deal then I understand that it moves to a tracker mortgage. Can they cancel the mortgage in March because of my DMP or does it revert to the tracker?

Any advice/pointing out how much of a plonker this post sounds appreciated

dimbo61

They cant "cancel" the mortgage so it will just go onto the tracker rate which may be cheaper than your current fix.
HSBC have already lent you the money and you should be able to get a new deal with them "IF " you want another long term fix but see whats available in Jan/feb 2012

jonosh82

I assume my options are now limited due to the DMP (understandably, why would anyone lend me money!?) Does anyone know of any banks that are good for people on DMP's

Thrugelmir

jonosh82 wrote: »

I assume my options are now limited due to the DMP (understandably, why would anyone lend me money!?) Does anyone know of any banks that are good for people on DMP's

Staying with HSBC is really your only option. As the other main lenders will not be interested in your business.

Fortunately HSBC offer competitive deals so there should be something available that is suitable nearer the time.