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End of fixed rate

purplepixi Forumite Posts: 151
Part of the Furniture 10 Posts Combo Breaker
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
    Edi81 Forumite Posts: 1,371
    Ninth Anniversary 1,000 Posts Name Dropper Combo Breaker
    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
    amnblog Forumite Posts: 12,218
    Tenth Anniversary 10,000 Posts Name Dropper Photogenic
    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.

    I am a Mortgage Broker

    You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • johnhenstock
    johnhenstock Forumite Posts: 87
    10 Posts Name Dropper
    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
    foxy-stoat Forumite Posts: 6,879
    Eighth Anniversary 1,000 Posts Name Dropper
    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.
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