When to contact your lender re mortgage problems

UK007BullDog

Yes there are SVR "deals" if this is the case they should be able to go fixed without any penalties.

Mermaid you need to tell us:

Mortgage amount
Lenders name
What type of deal you are on.
How many more years until the mortgage ends completely
Your and partners age
Your household income.

ic

Sounds to me like Mermaid is on a tracker deal that is set at so-many-percent below the SVR (these are often cheaper than fixed rate deals at the start, but with the increasing rates have quickly jumped ahead of the fixed rate deals).

Mermaid - it can do no harm to contact the mortgage company and discuss your worries. The last thing they want is to have a customer that fails to repay, its better to discuss things now whilst you have time to perhaps come to a new arrangement, than wait and really struggle. You'll only get "marks" on your credit report if you fail to pay - if you come to a new agreement with the mortgage company then no other company will ever know. Technically there is no such thing as black marks, just a record of a failure to pay on one or more dates.

If you're on an interest only deal, are you actually saving towards repaying the debt at the end of the term?