Morgage up for re-newal. help

dentist79

My 5 year fixed rate morgage is up at the end of the year. Its a repayment morgage at 5.7% interest. I'm currently paying £680 p/month. I'm concerned about what my options are when it finishes. Will I pay less/more due to whats happened with the banks in the last couple of years? Any info is greatly appreciated.

latecomer

you go onto your lenders standard rate which will almost certainly be less than 5.7%. Check you mortgage documentation and it should tell you the rate following the end of the your fixed period.

kingstreet

Check your original Key Facts Illustration or mortgage offer. These will show you the "follow-on" rate, which may be the lender's standard variable rate, or some form of tracker.

You may wish to contact your existing lender to see if it has "retention products" available for you to choose from, such as a new fix.

Finally, you may wish to consider the possibility of a remortgage - moving your mortgage from one lender to another, if it is advantageous to do so and if you can satisfy a new lender's affordability and loan to value requirements.