Fixed Rate Ending Soon

Toggit

Hello everyone - I am new to this....... my fixed rate of 3 years is coming to an end in the next couple of months and I'm wondering what will happen? If I have to remortgage I know I will not be accepted as the level of mortgage against current market value of property is much too high for any lenders now. Does anyone know if my existing lender will want to go through the checking process again - credit checks will be fine - salary level will not match what they need.... very worried

beecher2

Your present lender won't do a credit or salary check. Phone them up to see what they can offer you, and double check what the follow on rate is (ie what rate you'll be paying if you do nothing)

kingstreet

When your fix ends, your mortgage will revert to the lender's standard variable rate, or to another rate mentioned in your paperwork when you took out the fix.

Your lender may also be willing to transfer you to another product, perhaps another fix, without further checks, but it may be subject to the payment of an administration or arrangement fee.

Await the letter from your lender setting out your options, or as beecher has suggested, call them to ask them what's in your terms and what they might offer.

Toggit

many thanks to Kingstreet and Beecher2 for your replies, really helpful