my fixed rate mortgage has ended

berty4

my fixed rate mortgage has now ended 31/06/2012 (5 long years of 5.99%) with the woolwich and my interest rate will now drop onto 1.49% above the base rate my next payment is due 16/07/2012 i pay via standing order will woolwich send me a letter to inform me that my fixed has now ended before the next payment date?? and will they tell what i have to pay each month on the new interest rate so i can adjust the standing order? as the extra money will be put into my cash isa.

Joe_Bloggs

Why wait for a letter that may or may not be sent ? Can you chase the matter via a low cost telephone call ? I am surprised that some offer to tempt you away from your rate was not tried by the lender.

J_B.

GMS

Consider keeping your payment as it was. This will knock years off your term. Not likely to get a chance to do it again so take full advantage of the low rate.

Morgage_Confused

At 1.99% its best not to overpay the mortgage.
Put the money elsewhere at a better rate.

busybee100

berty4 wrote: »

my fixed rate mortgage has now ended 31/06/2012 (5 long years of 5.99%) with the woolwich and my interest rate will now drop onto 1.49% above the base rate my next payment is due 16/07/2012 i pay via standing order will woolwich send me a letter to inform me that my fixed has now ended before the next payment date?? and will they tell what i have to pay each month on the new interest rate so i can adjust the standing order? as the extra money will be put into my cash isa.

Is it definately the Bank of Englands base rate and not the banks base rate your mortgage will follow?

berty4

yes it is defo 1.49% above the bank of england base rate lifetime tracker or they did offer me 2 year fixed at 2.99% or a 5 year at 3.99% but when they ended i would be put on 3.49% above the bank of englands base rate, so iam going for the lifetime tracker and putting the rest in my 3.05% cash isa.

busybee100

I asked because I thought ours was but it turned out to be BBBR. I don't know what they do now but in 2010 Woolwich wrote to tell us what the new rate and payment would be once the fixed had finished. Sounds as if you've got yourself a good deal.

getmore4less

Most(All?) Woolwich/Barclays mortgages will be BBBR.

Allthough some may still have records to show that it follows BBR should they ever diverge. I don't think they were promising they won't diverge 5 years ago.

Are you sure you are using SO and not a DD which was the prefered method of payment.