Mortgage advice, what happens next?

trance14

Hi all, got my first mortgage for my first home around 6 months ago,

Everything is fine but I keep hearing people say its going to go up after my term etc etc... not worried just yet, I am managing but can anyone give me simple advice as to what happens next after the 2 year term is up. Please see my mortgage details below, Halifax. Thanks

Fixed Rate mortgage until 30 Jun 2018
£ 91,267.72 Balance
Interest rate as at: 16 Dec 2016 2.74%
Current monthly payment:

£427.57 As at 16 Dec 2016

Basically Im wanting to no what happens on 30 june 2018, do I have to pay the mortgage advisor another £500 to sort this?

Thanks again

amnblog

Halifax will provide a range of products you can switch to from 1st July 2018. You can switch to any of these without undergoing credit checks again. You wont need to pay an adviser £500.


You can also take a look at what is available from other lenders and move away from Halifax to a new lender if it is in your interest to do so.

trance14

So theoretically I could shop around and pay more / less ? If I was to have a look now online like you do for car insurance is that possible, even though its not due for renewal for a while yet? Thanks

amnblog

No you need to wait until Spring 2018 to consider your options, unless you want to pay a charge for breaking the current Halifax contract of between £300 and £200 for every £10,000 you owe.