Fixed rate ending

Andyt1981

My 2 year fixed rate mortgage with Halifax is coming to an end on 31st December, so I understand I'll go onto the SVR of 3.74% on 1st January.

Will my payments automatically reduce from the 1st January? My current rate is 5.59 so it will be a nice saving. This is my first mortgage so I'm not sure what happens.

amnblog

They will if you do nothing else

AnotherJoe

As said yes they will but 3.74% is pretty high (and 5.59 eye watering)

Are there circumstances that apply that lead to these very high rates? Defaults etc? Otherwise you should consider moving lender or looking at what other retention products your lender has that will likely have a much llower rate that 3.74%

getmore4less

http://www.halifax.co.uk/mortgages/existing-customers/switch-to-a-new-deal/

mortgage size and LTV will give you an idea of the retention offerings.

Andyt1981

Thanks for the replies.

We had a 95% help to buy mortgage on a new build so didn't have much choice at the time. I think I'll have to look for another provider or wait until 85% ltv as the only Halifax product available now is 4.79% for a 5 year fix.