Fixed term ending in August

gill01

My mortgage was taken out 3 years ago and the fixed term is due to end in August . I think that the payment will increase by about £50.00 each month . I dont know how I can find the extra cash . Any advice please ?

_Andy_

Some options - both assuming you're on a capital repayment mortgage -

1) Extend the term

2) Convert to an interest only mortgage

gill01

Thanks for replying . Would I contact the mortgage company or have to use a financial advisor again ?

allan673

gill01 wrote: »

My mortgage was taken out 3 years ago and the fixed term is due to end in August . I think that the payment will increase by about £50.00 each month . I dont know how I can find the extra cash . Any advice please ?

what rate are you on now?
how much do you pay now?
how much do you owe?
how many years left?

neas

This is an exact sign WHY house prices are tanking... People have overstretched themselves to the max... rather than slightly correctinh house price market down this will have a larger affect.

Need to budget when you get a mortgage to have margin... for when bank of england raises rates 1% and you need to pay another 100 quid a month. If you dont your asking for trouble.

gill01

I have not overstretched myself !!!! . My situation has changed dramatically due to divorce .I am well aware of how to manage a budget thankyou !!

I pay 284.86
rate 5.7% balance 4317.00 22 years left

beecher

To be paying £50 more you'd have to be put on a rate of over 7%. If your credit rating and LTV is okay, you're bound to be able to get a better rate than that.

What's the value of the property, roughly? As long as it is higher than £50,000 you should be able to get a better deal than you're thinking you will as long as your credit rating is ok - have a look at what deals your present provider is providing. If you say who you're with, I'm sure someone will look it up for you if you need help.

mirrorimage0

we have just come to the end of our deal and after talking to our mortgage company they couldnt offer us a better deal than our mortgage advisor could and our payments have gone up by around 52 pounds but we had 13 and a half yrs left and we reduced it to thirteen yrs as we had to round it up or down and i didnt want to extend it, as we are looking to pay it off in 3 yrs

gill01

My credit rating is fine . My mortgage is with Kensington . Property worth £82000. Thanks for your help and advice.

Gorgeous_George

gill01 wrote: »

Thanks for replying . Would I contact the mortgage company or have to use a financial advisor again ?

You buy a car from the local garage. It turns out to be s**t. Why would you go back to that garage?

GG

G-G_4

Kensington are a sub-prime lender, which suggests your credit rating is not ok.