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Principality end of fixed rate questions
debtisnotme
Posts: 111 Forumite
OK, so unfortunately I recently started a DMP, credit record is basically trashed which will clearly impact a remortgage at the end of my fixed rate.
The fixed rate ends in September and I think I can swap to a new fixed rate without being credit checked as long as the amount/term remains the same. Is this likely to be an issue? Will they force me to go onto the SVR follow on rate?
In addition I now have a secured loan of around £20k, looking at their website it appears you can chose the new fixed rate which you want? Will I need to take into account the secured loan when working out the loan to value?
Sorry for all the questions, just fretting a little about it.
The fixed rate ends in September and I think I can swap to a new fixed rate without being credit checked as long as the amount/term remains the same. Is this likely to be an issue? Will they force me to go onto the SVR follow on rate?
In addition I now have a secured loan of around £20k, looking at their website it appears you can chose the new fixed rate which you want? Will I need to take into account the secured loan when working out the loan to value?
Sorry for all the questions, just fretting a little about it.
Debt on 25/5/17
Mortgage[STRIKE] £61,999[/STRIKE] £59,335
Secured loan approximately[STRIKE] £20,000[/STRIKE] £19,353
Unsecured debt in DMP with Stepchange[STRIKE] £38,887[/STRIKE] £37,763
Mortgage[STRIKE] £61,999[/STRIKE] £59,335
Secured loan approximately[STRIKE] £20,000[/STRIKE] £19,353
Unsecured debt in DMP with Stepchange[STRIKE] £38,887[/STRIKE] £37,763
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Comments
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Unless it has changed since september last year (that is when I left Principality), you can log on to their website and just choose a new product a couple of months before your deal ends. The dmp/loan will not be an issue as far as I am aware, but you could call and ask them.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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Thank you, anyone else got any idea about the secured loan and its effect on the LTV, assuming a v conservative valuation it could be the difference between 65 and 85%, if it went smoothly through at 85% then I would be very grateful anyway but would be good to have a better idea.Debt on 25/5/17
Mortgage[STRIKE] £61,999[/STRIKE] £59,335
Secured loan approximately[STRIKE] £20,000[/STRIKE] £19,353
Unsecured debt in DMP with Stepchange[STRIKE] £38,887[/STRIKE] £37,7630
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