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Fixed Rate Ending - Now What?

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We are first time buyers and got a fixed rate mortgage for two years. That is ending soon, and I wondered what happens now? We would pay less than our fixed rate if they put us on a standard rate. Does this happen automatically, or should we be asking now?

Thanks

Comments

  • beecher2
    beecher2 Posts: 3,677 Forumite
    Tenth Anniversary 1,000 Posts Combo Breaker
    You'll go onto the follow on rate automatically. Your documentation will tell you if this is the SVR or a tracker.
  • harvey115
    harvey115 Posts: 691 Forumite
    Well if you do not do anything, you will automatically get on to the post fix deal that you have chosen when applying for the mortgage. The details should be on you mortgage document (KFI).

    You would also have other options i.e. getting onto a better deal if your lender provides any - Call them up and find out what other deals you can apply for.

    If you are unsatisfied, you may look for another lender to remortgage.
  • System
    System Posts: 178,348 Community Admin
    10,000 Posts Photogenic Name Dropper
    dollydiva wrote: »
    We are first time buyers and got a fixed rate mortgage for two years. That is ending soon, and I wondered what happens now? We would pay less than our fixed rate if they put us on a standard rate. Does this happen automatically, or should we be asking now?

    Thanks

    You will go straight onto the standard variable rate automatically. No need to do anything unless you want to look elsewhere for a new deal.
    This is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com
  • dollydiva
    dollydiva Posts: 302 Forumite
    Thanks to those who replied.:T
  • bOingball
    bOingball Posts: 45 Forumite
    I'm just about to come out of my 2 Year fixed rate with the Post Office (Bank Of Ireland UK) - 4.29%

    They sent me a letter saying my rate is now 3.49% starting on the 25/08.

    (When I purchased the mortgage my rate said it moved to BoE + 2.99% which is bang on)

    Since I am only ~85% LTV I'm sticking with this rate for now :beer: -

    Will lock in at a later date... going to overpay to get my LTV down lower for a nice rate when the needs comes.

    Some lenders have a follow on rate set as there SVR which could be higher or lower than the rate quoted at the time you got you mortgage.
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