Fixed rate mortgage, am I trapped

dukeman

Hi

I took out a fixed rate mortgage deal 7 years ago that was fixed for 10 years at 6%. On it there was a 5 year early repayment charge. I am in around 5k negative equity. Just dropping to the standard variable rate would save me a few £££s. Does anyone know will the mortgage lender drop you to the standard variable rate on request now that I am passed the early repayment charge?

libf

Without telling us the lender, certainly no one will know. Far easier to ring them an ask than to take opinions from a forum and then have to ring them about it anyway though!

regprentice

you might be able to switch to another product with your current lender for no fee. Give them a call and ask what they can do.

I had been on a 25 yr fix at 5.8% and renegotiated after 10 year to a 5 yr fix at 3%. Ive effectively halved the remaining term of my mortgage whilst only slightly increasing my monthly payments. My building society (Nationwide) were happy to help and it was pretty painless. Sticking with your current lender hopefully bypasses a lot of the credit referencing etc and probably wont require a valuation (though their software may estimate the current value.)