Help to change mortgage

greenpixey

I've today received a letter from my mortgage provider that our mortgage account has reverted to their standard mortgage rate.

My mortgage has now gone up from 370pound to 466. A big change that I can ill afford.
At the moment I'm on a debt management plan with cccs and unfortunantly I also got debt collectors knocking on my door.

Does anyone here knows where I stand. Am I in a position to change my mortgage provider or to haggle for better deals, considering my financial position?

(not sure I posted this question in the right place so move it if necessary, Ive also posted this question in debt free wannabe hoping for maximum help)

dwsjarcmcd

greenpixey,
Your first port of call should be to get in contact with your current lender and ask what they have available to you other than Standard Variable Rate. Before you phone, try to establish what type of product you want and the features it has.

For example, do you want a fixed rate, if so, for how long? This has got to be based on your own circumstances. Are you happy to pay fees e.g arrangement fees and what fees are payable should you leave your lender etc, etc. Once you have that information, you can start to compare what others are offering.

HTH

absolutebounder

Have you got arrears with current lender?

greenpixey

absolutebounder wrote: »

Have you got arrears with current lender?

No, I got no arrears.

greenpixey

This is my first mortgage and I never changed provider before. If I shop around and were to change provider wouldn't they do a credit check on me first before they accept me. I don't think my credit scoring is that good at the moment.

I will contact my current lender and see what they say in the meantime.

dwsjarcmcd wrote: »

greenpixey,
Your first port of call should be to get in contact with your current lender and ask what they have available to you other than Standard Variable Rate. Before you phone, try to establish what type of product you want and the features it has.

For example, do you want a fixed rate, if so, for how long? This has got to be based on your own circumstances. Are you happy to pay fees e.g arrangement fees and what fees are payable should you leave your lender etc, etc. Once you have that information, you can start to compare what others are offering.

HTH

dwsjarcmcd

Yes, a new lender will credit check you, your current lender won't if you don't intend to increase yur mortgage