Fixed term ending I have no clue! Newbie to mortgage lark.

fairy3

Hi there,

hoping and thankful for any advice. Two years ago I paid out after a split after much messiness and took out a two year fixed rate of 5.29% with YB on a £100,000 mortgage with the original lender but there were issues around the amount borrowed and whether I could repay which caused a delay (3 months). I have managed the payments of £688.00 every month.

The two years should be up in March 07 but I have recently had correspondence to say this deal ended on 31 Dec and I am now liable to pay the increase to 7.14% from 1 Feb which is a massive £145 a month increase and one I cannot afford. I had debts of £3,500 which currently stand at £700 and should be cleared by Aug 07 as they are on a 0% cc. To add my first payment was not made until the 1 April 2005
My questions are (without panicking, I know very little about mortgages, have tried downloading the remortgaging guide with no success). I have been unable to contact the mortgage advisor as they are on leave til wednesday! So these are my questions -

1. Does the date of the first payment mean the start of the deal?
2. If not and I can sort that out for March who would be the best people to talk to regarding remortgaging?
3. Where would I go to find a better deal?
4. How would I start to go with another lender?

Sorry for this long first post, I did know I was going to have to tackle it but not so soon!

All advice welcome

J
x

chivers1977

Some fixed rates are for a fixed term ie two years and some have a fixed end date ie 31 Jan 07. It sounds like you have a fixed end date. Your offer and KFI will confirm this.

Get advice from a fee-free mortgage adviser as well as looking at the rates that YB will offer you to compare

herbiesjp

You can look at what YBS will offer you first.

However, if you want to look at how competitive what they are offering actually is, you will need to have a chat to a fee free whole of market mortgage adviser

The actual figures involved will also dictate if it will be worth moving or not.

fairy3

Thank you for your replies

KFI? Sorry I don't know what this is. In my neat mortgage file there is lots of paper I don't understand! Have now read offer which states that the fixed rate is for 24 payments but this assumes the mortgage will start on the 10/12/04 when in fact it started on the 1/4/05 due to delays.Would that explain anything?Have only made 21 payments.

herbiesjp thanks I will be seeing the mortgage advisor tomorrow and will enquire about any offers, I had assumed that I would have to pay the 7.14%.

J