Fixed rate ending, what now?

mickstatham

Hi,

My five year fixed rate mortgage (5.9%) is ending in June. Does anyone know, will my rate automatically drop to the variable rate or will I need to contact the bank to get this done.

And also can anyone give an estimate of how much the rate should go down? I bank with Barclay's (mortgage through them with Woolich I believe) currently paying £520 pm, 5.9%.

Thanks.

ACG

It will automatically go to their SVR, im not sure what theirs is but presumably it is less than 5.9%. The information will be on their website somewhere go to google and put woolwich SVR rate, you should find it.

They will send you a letter if they havnt already advising you of other products available and also what will happen if you just leave it.

foreversummer

Many Woolwich mortgages actually revert to a tracker rate at the end of the fixed rate period. You might find yourself with a nice low rate tracker mortgage. I'd give them a ring.

mickstatham

Thanks guy's. I'll give them a ring.