what will happen to my interest rate when my deal ends?

suzi84

Hi there,

I'm coming to the end of my fixed mortgage soon. My rate was set when interest rates were very high and is 5.99%. when my mortgage deal ends what rate will I end up with if I dont fix again? Will it be a certain amount above the current base rate (whatever that is) or would there be another set rate I will go to from when we took the deal out? Hope this makes sense!!

Thanks

beecher2

Only you can find out - look at your mortgage documents, or phone up your lender. You'll either be on a tracker, or more likely the lender's SVR.

mrcow

It will normally revert to your lender's standard variable rate.

What do your mortgage T&Cs say?

Who is your lender?

suzi84

Thanks guys for the replies, I checked my paperwork and contacted lender (natwest) who have confirmed it will go onto their variable rate once finished unless I go into another deal. :j

kingstreet

So your rate will drop to 4%, giving you scope to continue making the same level of payment, with part of it overpaying your mortgage so you pay it back quicker than you would normally do.