Remortgage advice

pstewart11

Hi all, I would really appreciate some advice as I really don't have a clue.


In November this year, my two year fixed rate period on my first-time mortgage is up. Will the bank contact me to discuss rates or will I be moved automatically onto the standard variable rate. And how would I find out what that rate is and how much that would affect my monthly payment?


Apologies if these are stupid questions.


Thanks in advance

strawb_shortcake

Do you have an online portal? My deal expires in Jan 23 and my SVR is 4.99% obviously subject to change.
You may want to speak to a broker soon to get a better deal

csgohan4

check your online portal around 3 months before your mortgage offer finishes

If your happy proceed, if not try a whole of a market broker to source you a better deal

If you don't do anything, you will be moved onto SVR which is not moneysaving

sal_III

The banks is most definitely not going to contact you, as it's against their interests. You can find the SVR on your bank website. Pretty sure the SVR is included in the repayment schedule you got when you signed up the original mortgage (mine was).

Your first port of call should be to check the so called online retention products your bank offers, if you are happy with the rate, contact your bank and arrange a new fixed term with minimum hassle.

If you don't like the rate or simply want to shop around - use a broker.

JayCeeEssex

Most banks will contact you directly offering you usually a couple of fixed rate options and an option to go to their Standard Variable rate. As I said, most banks will contact you, some just assume that you will move on elsewhere.
It is in all honesty worth having a look around to see what else is being offered by other lenders. Certainly there are some quite attractive deals available at this juncture. Take the time to see who else is offering what, (a chat with a Whole of Market broker will save you a whole lot of time!)...it may be worth your while!
Good luck!

haras_nosirrah

Some lenders offer cheaper rates via brokers than they do direct to client. Who is the lender?