i need advice please!

sam1970

my mortgage 3 years discounted deal will end in 2 months and then my lender will put me on their SVR (7.5%) which will increase my monthly payments by £200 at least. at the same time my job contract will end on the same day my mortgage deal ends and iam looking for another job. will i be better staying with my lender considering the fact that i have no job yet after october will stop other lenders considering my application? and if i stay with my lender shall i just accept their SVR as that means i can leave them at any time as soon as i secure a job?or shall i remortgage to one of their special deals (which are still more expensive than some of other lenders) and risk being locked with them for few years? can you advise me please...thanks

firesidemaid

you can start arranging your new deal now - it will take a month or two to sort and you can start it on the day after your old deal ends. ask your current lender what deals they can offer you first.

also, if you apply now you can happily fill in your current income as being correct.

danm

As Sazzacat say's, approach your current lender now and ask what they can offer you for when your current deal expires.

I am with A&L and come off a very good 2 yr fix on 31st October. They have already offerred me a new deal on the understanding i sign up now.

I'm not sure what to do tho' as i have a feeling mortgage rates will be slightly lower by end Oct.

JoeK_3

danm wrote: »

As Sazzacat say's, approach your current lender now and ask what they can offer you for when your current deal expires.

I am with A&L and come off a very good 2 yr fix on 31st October. They have already offerred me a new deal on the understanding i sign up now.

I'm not sure what to do tho' as i have a feeling mortgage rates will be slightly lower by end Oct.

Wishful thinking?

I'll bet they're higher!

JoeK