Remortgaging with a DMP

magenta1977

Hi,

We recently entered into a DMP with StepChange and we were wondering if this will prevent us from remortgaging.

We know there is no chance we can change Mortgage provider, but we are currently on a Tracker rate and as we are expecting the Interest rates to go up sooner rather than later, what are the chances of our current provider switching us to a Fixed rate?

Obviously, we will not be asking for additional borrowings.

We have never missed a mortgage payment and our current LTV is 70-75%.

Is there a chance we could be trapped on the tracker rate?

Thanks.

kingstreet

Ask your lender what customer retention products you can choose from. As you say, you have no remortgage options, so a new product with your existing lender is the only option, if any are offered.

Thrugelmir

What rate of interest are you paying on the tracker?

magenta1977

Thrugelmir wrote: »

What rate of interest are you paying on the tracker?

1.09% at the moment