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Switch from Libor
col81
Posts: 336 Forumite
I have had a interest only deal following the Libor rate. This is due to end soon (libor) what will happen then will I be forced to re mortgage when libor no longer exists?
0
Comments
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A question for your lender.0
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I'd expect the terms of the mortgage to have covered the possibility of Libor no longer existing and to have some mechanism for an alternative rate to take its place. Have you checked?0
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No I haven't to be honest I wonder what would happen?0
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You will likely go to a mortgage based off SONIA. Lenders have until 2021 or 2022 to move customers away from LIBOR reference rates.0
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