Lloyds will not help me

My fixed rate ends 31.1.24 at 1.49%. My mortgage term ends in 1 year 1 month. They do not do a fixed rate for this 13 months.
It is a interest only mortgage and they are putting me on 8.74%
Can anyone advise me please.  They totally refuse.  I'm up to date with payments. House is up for sale.
Any advice 
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Comments

  • BoGoF
    BoGoF Posts: 6,791
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    Why do you want a fix if it's up for sale. Surely it would incur an ERC if it sold?
  • Brie
    Brie Posts: 9,324
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    Why not mortgage it over a longer period and then overpay?
    "Never retract, never explain, never apologise; get things done and let them howl.”
  • xmas123
    xmas123 Posts: 20
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    I'm not sure I'm doing this right.  The house is on the market as I have tried everything to remortgage but because my income has lowered Im not able to pass the affordability check. My husband died 2010, so just my income now.
  • xmas123
    xmas123 Posts: 20
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    I have asked them to extend the term they won't 
  • BoGoF
    BoGoF Posts: 6,791
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    xmas123 said:
    I have asked them to extend the term they won't 
    Is this your main residence? If so, why is it interest only?

    Extending the term doesn't solve the problem that you are not actually paying off the mortgage. What plans do you have to pay the mortgage off when the term ends next year?


  • xmas123
    xmas123 Posts: 20
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    Can anyone help at all. Payments from £400 per month going to  £2336.00

  • xmas123
    xmas123 Posts: 20
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    Went to interest only when husband died. I would sell the house 
  • BoGoF
    BoGoF Posts: 6,791
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    Can only suggest you speak to a mortgage broker.
  • xmas123
    xmas123 Posts: 20
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    I have no joy.
    What would Martin Lewis say?
  • MWT
    MWT Posts: 9,135
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    edited 22 January at 5:23PM
    xmas123 said:
    Can anyone help at all. Payments from £400 per month going to  £2336.00

    Are Lloyds offering you any alternatives to the variable rate at all?
    A 12 month Tracker for example would be better than the variable rate, but if they are not offering you any alternative products at all then it is time to do your best to get the house sold and to let Lloyds know that you are going to be unable to pay the mortgage in full each month (assuming that is true).
    Do keep paying at least what you've been paying and preferably more if you can afford it, but be proactive in letting them know what is happening and that you are actively selling the house.
    Once you have sold the house will you be able to buy a new property from the residual proceeds, or will you need another mortgage?
    Obvious reason to ask is that if you are unable to pay the current mortgage and you get into arrears then you are going to struggle to get a new mortgage in the short term...
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