Help...I have no idea!!

Poorbard

Hi All



Right I am clueless!! To cut a long story short my Mumpassed away a couple of years ago and we still owed money on the mortgage -£80,000. My credit rating was laughable and the only way we could get amortgage was to get one in my sisters name which we did and all gone well nomissed payments ect………..

We had a Halifaxfixed at 2.94% which ends in October. Now my problem lies in that I know mysister has been spending and has had missed payments in the last couple ofyears so her credit rating will have altered so I am worried that we may notget a mortgage deal – So the questions I would really appreciate an answer toare….



What happens at the end of the deal – does it justautomatically go to SVR and if so I pay £430 monthly now at 2.94% what is itlikely to be in Oct as I know it may go up?



If we apply for another mortgage through Halifax do they delve into credit ratings andearnings and if she is refused a deal can they ‘kick us out of the property’and make us sell.





I am just so concerned about the future, I can’t imagineleaving Mums house but I am already living on a shoestring and I am scared ifwe apply and are refused they may not offer us any deal and boot us out so isit easier to just pay the STV in Oct!!



Thanks in advance for your help and please be kind I am anewbie!!



Sara

amnblog

Current Svr is 3.99% which means if you do nothing else your payments will rise by about £8.3 per month for every £10,000 you owe.

Firstly, the worst that will happen is that Halifax will not offer you another rate.

Whether you will have new rate options depends on a number of factors on your particular deal will dictate whether the Lender will check current status before they switch your rate.

Ask a broker to handle your product transfer for you and they can establish your options without your getting on the phone to the lender and causing yourself problems by telling them what they do not want to know.

getmore4less

2.94% paying £430pm approx £80k

Assuming full years

Closest fit is a £80800 over 21years

if it had been 3.99% at the start £475

If Oct is a 3 y fix you owe £72k, over 18 years, £468

if it was £78k over 20 years £472/£466

Should go up just under £40. closer to £5/£10k