fixed BT let mortgage ending soon

aggypanthus

Has anyone reached the end of a fixed rate BTL mortgage? I am wondering what will be offered to OH rate wise when it ends, should he simply do nothing and will they they then just revert to a variable rate, which may be lower ? any ideas please ?

dimbo61

Perhaps now is a good time to dig out the paperwork that came with the mortgage offer!!
No one else on this forum has your paperwork.
Please read the part which states the the mortgage will revert to X Y or Z at the end of the fix
Most normal mortgages go onto the SVR But we do not know what you signed up for.

Crashandburn

It all depends on the lender and indeed when the original deal was arranged. He may have the benefit of being with a lender who has a very low variable rate or he could see a rise in his payments.

It would be handy to know which lender he is with at the moment and indeed how much is borrowed against the value of the property. As a generalisation, if the fixed rate was organised say two years ago, he would possibly be seeing a rise in the payments if going on to the lender's standard variable rate. Rates have improved over the last six months as well as the associated fees and therefore he could either renew the deal with his current lender or go to the open market to see how much other lenders want his business

aggypanthus

dimbo61 wrote: »

Perhaps now is a good time to dig out the paperwork that came with the mortgage offer!!
No one else on this forum has your paperwork.
Please read the part which states the the mortgage will revert to X Y or Z at the end of the fix
Most normal mortgages go onto the SVR But we do not know what you signed up for.

Fair comment.ta!

aggypanthus

Crashandburn wrote: »

It all depends on the lender and indeed when the original deal was arranged. He may have the benefit of being with a lender who has a very low variable rate or he could see a rise in his payments.

It would be handy to know which lender he is with at the moment and indeed how much is borrowed against the value of the property. As a generalisation, if the fixed rate was organised say two years ago, he would possibly be seeing a rise in the payments if going on to the lender's standard variable rate. Rates have improved over the last six months as well as the associated fees and therefore he could either renew the deal with his current lender or go to the open market to see how much other lenders want his business

It will finish in Sept.
fixed at 5.25 . Cant imagine the SVR being higher? Cant acces paperwork at moment to check lender.