Fixed rate

hulahoop09

Hiya

In april 2008 we took out a fixed rate mortgage (approx 5.75%) with Halifax. We are paying back interest and mortgage and pay approx £529 per month. We took a couple of months payment holiday towards the end of last year and around this time had a letter confirming what payment would be after the payment holiday (the above amount - previous was approx £515) and also what our payments would be at the end of the fixed rate in April 2013 and it said from next april we will be paying approx £429.

What I was wondering is this right and with the interest rates etc if we dont drop down to the £429 what are the chances of us having to fork out more than the £529 we are paying at the moment? I assume at end of fixed rate we drop to variable unless we arrange new fixed rate etc?

If we pay less then that is a bonus but if we pay more I want to be prepared! Lol.

Not sure if anyone can help or advise as I think it is kind of vague!

Thanks!!

Peelerfart

Not 100% sure what you're asking here.

At the end of the fixed period you will drop presumably to the SVR which is lower than your fix therefore your payments will go down.

hulahoop09

Sorry was just checking with our rate fixed at the moment at I think 5.75% which ends next year how do I find out what the current interest rate is on a regular basis, is this possible? Sorry what does SVR mean?

Peelerfart

SVR = Standard Variable Rate.

Halifax's is currently the subject of much uproar, see-

https://forums.moneysavingexpert.com/discussion/3822473

hulahoop09

Thanks for that. Good job we are on fixed at mo I guess but looks like wont affect us as we took out in 2008. I think even if it did looks like our monthly payments would be less than what we are paying at the moment I think.

Thanks for the replies!!