When fixed rate deal ends & you go onto SVR, do your payments increase or does the term lengthen?

[Deleted User]

Hello

My 2 year fix at 1.19% ends early next year. If I don't sign a new deal and just let myself default to the variable rate (6%), will the bank just keep taking the l monthly direct debit for the same amount that I currently pay (£700)? And let the length of the term increase? Or will they increase my monthly direct debit to keep the term of the mortgage (should be 5yrs 4 months at that point) the same? 

I will have about 45k still to pay off.  Value of house is 180k. I've worked out that unless I pay an extra £100/month, it will take me another year to pay off the mortgage. So trying to decide if I want to pay more or for longer.

Thanks

penners324

They increase the payments so the term remains the same

20vt-rs

Payments will increase, but you could use the opportunity to re-mortgage onto a longer term to keep payments down, and if finances permit, overpay instead. Takes the pressure off.

[Deleted User]

thanks both! I'm looking at a 2 year tracker mibbe.  1.5% over base rate so at present would be 4.5%.