Remortgage query

Tanyarfr

I bought my place last year and 2 yr fixed product ends next Feb (jumping ahead I know). 

I am fearing that I will not be able to remortgage and lose my home if we go into recession after covid-19. I am still working so not losing any income, but worried I won’t be able to remortgage next year if we go into recession. I only have about 15% equity in the property
TIA

Sistergold

Hello
We are all worried about recession but it’s best not to dwell on it too much. Next year is a long way off and no one knows how remortgaging is going to be affected. Best to wait and deal with it at the time. On the bright side even if you can not remortgage it does not mean you will lose your home. You should be able to switch products or if not just go onto standard variable rate with your current lender if all else fails. Only way you will lose your home is if circumstances of COVID-19 make it such that you stop meeting your monthly payments. 

Unicorn_cottage

You should be able to switch to another product with your existing lender about 3 months before your mortgage ends. Check your mortgage information. Best thing you can do in the meantime is to save up an emergency fund if you do not have one already.

sharpe106

No point worrying too much about what might happen. All you can do is build your emergency fund in case it does. As long as you are still paying your mortgage then you will be able to change to a different fixed rate with your current lender or go onto the standard rate.