Conversion to Fixed Rate

Slharman

Hi,
Need help! My fixed rate with Santander has finished. My mortgage payments will go up by £300 going onto standard variable rate. Cannot remortgage as circumstances have changed and do not earn enough now to remortgage. Want to change onto another fixed rate but Santander say I can't. Even though never missed a mortgage payment with them in ten years they say other info on my credit file has changed and therefore can only offer me standard variable rate. Can they do this? This could cause me to go into arrears!! Can anyone offer any help?

opinions4u

Can they do this?

Unless your mortgage contract says different, they are under no obligation to offer you anything other than their standard mortgage rate.

This could cause me to go into arrears

Their SVR is pretty close to the lowest it has ever been. It's only going to be more expensive in future.

If you can't afford the payment you should give serious consideration to selling up and renting.

amnblog

sounds like this could be a major problem waiting to happen

you need to consider other options (perhaps a downsize or affordable housing scheme)

get yourself some advice