End of fixed rate

purplepixi

We're coming to the end of our 5 year fix with Santander. 

I'm terrified and confused. At the moment we pay £660. 3 years ago my other half filed for an IVA due to a huge debt left to him by his ex wife. So this means his monthly outgoings are regulated by the IVA company.

I'm self employed.

Due to these two situations we won't be able to remortgage.

What has me confused though, is the new fix thing. We will have to stay with Santander due to the IVA. So will we have to go on the the variable rate? If we arrange a new fix with them is that classed as a remortgage or is it just continuing the old one? 

Totally confused. Sorry 😔

Edi81

Santander should allow you to do a product switch online. 

This will mean no checks from them as long as you just change the interest rate and nothing else. 

amnblog

You can take a new rate with Santander without difficult and concern for your current employment or credit situation.

With the rise in rates the mortgage payment will be much higher so you will look to redress matters with the IVA company once you know the likely figures.

You can secure a new rate (scheduled to start when the current one ends) up to six months ahead of your need for it.

johnhenstock

I hope you still have at least 6 months left on your fix, and not 1 or 2. if the latter, you're a few months late to secure a 3-4% fixed rate, as opposed to the current 5-6%. didn't Santander write to you?

foxy-stoat

The fact that your other half is in an IVA will help, as your monthly payment to the IVA could be reduced by the amount your new mortgage payment gets increased, assuming the numbers still work. 

Going on a new fix doesn't mean your getting more credit.