When your fixed rate comes to an end?

CJL78

Just wondering, as we are on our first ever mortgage.
We bought 3 years ago on a fixed rate mortgage, so have some time to play with.
However, as I have never been in this position before, what happens when our fixed rate comes to an end?
Of course, I understand that we will either have to pay the standard rate or change mortgages.
So my real question is...how do you go about changing from one mortgage to another, once one has come to an end? Will we need a deposit to change to another fixed rate from another provider?

Thanks for any advice, and loving the site BTW :T

happybroker

Best thing to do in my opinion is to seek the advice of a good whole of market mortgage broker.

Your existing lender may contact you with offers also but still shop around.

You won't need to put anopther deposit in, that was the difference between the money from the mortgage and amount needed to buy your house. The mortgage would be moved from one lender to another.

Is is ending soon? and how much do you owe? and how much ius the house worth?

CJL78

Hi HB.

Thanks for that.
We've got a fixed rate until around July/August 2010, so not too bad.
House is worth (based on similar house styles, roughly at the going rate) at £200k, and the mortgage sits at around £160k. Payments are currently £948 a month (all inclusive), based on an original 30 years.

I guess i'm starting to panic a little, as I wasnt sure if we switched a mortgage, if we would need to pay any deposit again (i.e. like starting over again). It would have been difficult as we have a 6 month old, and the lovely OH is only going back to work for 3 days a week.

happybroker

I don't think you will have anything to worry about

Cazza

No, this time round your deposit will be counted as the equity you have in your house, so as it stands today your equity is £40,000.

CJL78

Thanks HB and Cazza. Thats one heck of a relief.