Interest only fixed ends next year what to do?

tightasagnats

I have a fixed for 2 years interest only self-cert mortgage. The fixed rate ends next July - and I'm concerned about the jump in payments that will almost inevitably come. I self-certed last year based on what I earned then, and it is possibly going to be much less next July due to change in personal circumstances.

In your experience, what kind of deals are lenders likely to offer their present customers? I don't want to fib about what I'm earning to self-cert with another lender if my income has decreased.

My current mortgage is 168500 (had a 10% dep) with BM and the rate is about 5.4%.

Many thanks
T

Jonbvn

I think it maybe a to early to say. It really depends on what happens to house prices, stock markets, and interests rates between now, and when you want to remortgage.

In my experience, most lenders will switch you to their SVR without compunction.

Mr_helpful

Most lenders will offer you a new deal as long as you are not in arrears

tightasagnats

Thanks, I am not in arrears and do not plan to be