Mortgage Rate Ending - Cannot get new mortgage?

sheepdemon_2

Our Fixed Rate mortgage ends soon, at which point we will move onto the banks variable rate/standard mortgage rate for interest.  This will amount to around a £200 a month increase in mortgage payments.  We were right at the end of taking out another mortgage deal when all this started kicking off (documents signed and sent to solicitors 2 days before the lockdown started) but now with the land registry being closed and the solicitors no longer open we're sort of screwed.  Bank have advised there is no way to extend our current deal, and going on a payment holiday will not prevent the new interest rate kicking off - are we just screwed for the time being?

onlyfoolsandparking

Have you asked your current lender what fixed deals they can offer? 
The last time I looked for a new deal, I did it all online in about 10 minutes albeit with my current lender, it was very easy and unless your current lender is massively uncompetitive why bother going through the hassle of changing lender with the definite valuation, credit/affordability checks?? when you don't have to, just pick one of your existing lenders deals that is best for you.

[Deleted User]

If you can't remortgage, you'll need to move to the SVR.

sheepdemon_2

onlyfoolsandparking said:

Have you asked your current lender what fixed deals they can offer? 
The last time I looked for a new deal, I did it all online in about 10 minutes albeit with my current lender, it was very easy and unless your current lender is massively uncompetitive why bother going through the hassle of changing lender with the definite valuation, credit/affordability checks?? when you don't have to, just pick one of your existing lenders deals that is best for you.

Compared to the deal we were moving onto the best Halifax can do is a full % point higher interest rate.  We were getting less than 2% from Platform.  We were already accepted with Platform and ready to move over, only reason it cannot be completed is the Land Registry is closed so we can't transfer deeds (or something, I'm not 100% on the dtails if im honest).

onlyfoolsandparking

That doesn't make sense to me the only deal you are being offered is a full % point higher, higher than what the SVR? or higher than your current deal? Having just looked at some of Halifax deals for existing mortgage customers I must say they look pretty attractive 1.72% for a 5 year fix being just one example.
What is your current LTV? as I know this has a big impact on deals offered.

sysadmin

Have you had confirmation that its not going ahead?
We're at the end of ours too and havnt heard that the land registry is closed?
Everything is signed, we just waiting for the current deal to end to begin the new one...

valleyboy22

Our first fixed mortagage with Natwest ends december, so we are all new to this. I tought we woud be offered a new rate first via them and our payments will reduce? Am i correct in thinking this?

onlyfoolsandparking

valleyboy22 said:

Our first fixed mortagage with Natwest ends december, so we are all new to this. I tought we woud be offered a new rate first via them and our payments will reduce? Am i correct in thinking this?

I'm no expert in mortgages I just know the way I've done things in the past so in answer to your question I will say unless you apply for a new product with Natwest I would think they will just transfer you onto their SVR and you can normally only apply for a new deal when you've got less than 4 months remaining on your current 'fix'